Cray Inc (NASDAQ:CRAY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $23.00 price objective on the technology company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 16.46% from the company’s current price.

According to Zacks, “Cray Inc. is engaged in designing, developing, manufacturing, marketing and servicing the high performance computing (HPC) market, primarily categories of systems known as supercomputers. The Company’s segments include Supercomputing, Storage and Data Management, Maintenance and Support, and Engineering Services and Other. The Supercomputing segment includes a suite of supercomputer systems, which are used by engineering centers in universities, government laboratories, and commercial institutions. The Storage and Data Management segment includes Cray Data Warp and Sonexion, as well as other third-party storage products and their ongoing maintenance and system analysts. The Maintenance and Support segment provides ongoing maintenance of Cray supercomputers, big data storage and analytics systems, as well as system analysts. The Engineering Services and Other segment include the Company’s analytics business and Custom Engineering. “

A number of other research analysts also recently commented on CRAY. BidaskClub downgraded shares of Cray from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 11th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $26.00 price target on shares of Cray in a report on Wednesday, August 16th. Two equities research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $24.00.

Cray (CRAY) traded down 2.71% during midday trading on Tuesday, hitting $19.75. The stock had a trading volume of 251,429 shares. Cray has a 1-year low of $16.10 and a 1-year high of $22.85. The stock’s 50-day moving average is $19.15 and its 200-day moving average is $18.80. The company has a market capitalization of $793.10 million, a PE ratio of 294.78 and a beta of 1.64.

Cray (NASDAQ:CRAY) last announced its quarterly earnings results on Thursday, July 27th. The technology company reported ($0.20) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.54) by $0.34. Cray had a net margin of 0.47% and a negative return on equity of 1.03%. The firm had revenue of $87.10 million during the quarter, compared to the consensus estimate of $60.18 million. During the same quarter last year, the firm earned ($0.29) EPS. The firm’s revenue for the quarter was down 13.1% compared to the same quarter last year. Equities research analysts forecast that Cray will post ($1.13) EPS for the current year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its stake in Cray by 141,789.6% in the first quarter. BlackRock Inc. now owns 5,024,309 shares of the technology company’s stock worth $110,032,000 after purchasing an additional 5,020,768 shares during the last quarter. Vanguard Group Inc. lifted its stake in Cray by 3.4% in the second quarter. Vanguard Group Inc. now owns 3,620,407 shares of the technology company’s stock worth $66,615,000 after purchasing an additional 118,976 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Cray by 20.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,959,980 shares of the technology company’s stock worth $36,064,000 after purchasing an additional 326,742 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its stake in Cray by 1.4% in the second quarter. State of New Jersey Common Pension Fund D now owns 1,475,000 shares of the technology company’s stock worth $27,140,000 after purchasing an additional 20,000 shares during the last quarter. Finally, Voya Investment Management LLC lifted its stake in Cray by 1.9% in the second quarter. Voya Investment Management LLC now owns 986,510 shares of the technology company’s stock worth $18,152,000 after purchasing an additional 18,454 shares during the last quarter. 96.23% of the stock is owned by institutional investors and hedge funds.

Cray Company Profile

Cray Inc is engaged in designing, developing, manufacturing, marketing and servicing the high performance computing (HPC) market, primarily categories of systems known as supercomputers. The Company’s segments include Supercomputing, Storage and Data Management, Maintenance and Support, and Engineering Services and Other.

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