Cray (CRAY) Rating Increased to Hold at Zacks Investment Research

Cray (NASDAQ:CRAY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.

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. “

Several other equities research analysts also recently issued reports on the stock. BidaskClub upgraded shares of Cray from a “sell” rating to a “hold” rating in a research report on Friday, November 2nd. ValuEngine upgraded shares of Cray from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 1st. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $31.00.

CRAY stock traded up $0.03 during mid-day trading on Thursday, hitting $25.03. 326,100 shares of the company were exchanged, compared to its average volume of 299,920. The company has a market capitalization of $991.92 million, a PE ratio of -24.78 and a beta of 1.35. Cray has a 1-year low of $18.10 and a 1-year high of $28.60.

Cray (NASDAQ:CRAY) last issued its quarterly earnings data on Tuesday, October 30th. The technology company reported ($0.47) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.44) by ($0.03). The company had revenue of $92.80 million for the quarter, compared to analyst estimates of $90.58 million. Cray had a negative return on equity of 10.56% and a negative net margin of 33.95%. The company’s revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the business earned ($0.33) earnings per share. Research analysts forecast that Cray will post -1.55 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of CRAY. BlackRock Inc. increased its holdings in shares of Cray by 5.7% during the second quarter. BlackRock Inc. now owns 5,520,714 shares of the technology company’s stock worth $135,810,000 after purchasing an additional 295,955 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Cray by 27.2% during the third quarter. Victory Capital Management Inc. now owns 1,364,591 shares of the technology company’s stock worth $29,339,000 after purchasing an additional 291,591 shares during the period. Royce & Associates LP increased its holdings in shares of Cray by 27.3% during the second quarter. Royce & Associates LP now owns 1,176,481 shares of the technology company’s stock worth $28,941,000 after purchasing an additional 252,410 shares during the period. Senvest Management LLC increased its holdings in shares of Cray by 31.4% during the second quarter. Senvest Management LLC now owns 727,971 shares of the technology company’s stock worth $17,908,000 after purchasing an additional 174,129 shares during the period. Finally, Cortina Asset Management LLC increased its holdings in shares of Cray by 24.6% during the second quarter. Cortina Asset Management LLC now owns 831,584 shares of the technology company’s stock worth $20,457,000 after purchasing an additional 163,939 shares during the period. Hedge funds and other institutional investors own 97.61% of the company’s stock.

Cray Company Profile

Cray Inc, together with its subsidiaries, designs, develops, manufactures, markets, and services computing systems, and data analytics and artificial intelligence solutions. It operates through Supercomputing, Storage and Data Management, Maintenance and Support, and Engineering Services and Other segments.

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