Cree, Inc. (CREE) Expected to Announce Quarterly Sales of $274.74 Million

Analysts forecast that Cree, Inc. (NASDAQ:CREE) will report sales of $274.74 million for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Cree’s earnings, with estimates ranging from $273.99 million to $275.24 million. Cree posted sales of $355.96 million during the same quarter last year, which would indicate a negative year over year growth rate of 22.8%. The firm is scheduled to report its next earnings report after the market closes on Wednesday, May 1st.

On average, analysts expect that Cree will report full year sales of $1.38 billion for the current fiscal year, with estimates ranging from $1.38 billion to $1.39 billion. For the next fiscal year, analysts expect that the firm will report sales of $1.30 billion, with estimates ranging from $1.26 billion to $1.37 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Cree.

Cree (NASDAQ:CREE) last issued its quarterly earnings results on Wednesday, January 30th. The LED producer reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.06. Cree had a negative net margin of 18.11% and a positive return on equity of 0.90%. The company had revenue of $413.04 million during the quarter, compared to analyst estimates of $408.75 million. During the same quarter last year, the business posted ($0.01) EPS. Cree’s quarterly revenue was up 12.3% compared to the same quarter last year.

CREE has been the subject of several research analyst reports. TheStreet upgraded shares of Cree from a “c” rating to a “b-” rating in a research note on Wednesday, January 9th. Canaccord Genuity restated a “buy” rating and set a $81.00 price target (up previously from $60.00) on shares of Cree in a research note on Monday, April 15th. Zacks Investment Research upgraded shares of Cree from a “hold” rating to a “buy” rating and set a $71.00 price target for the company in a research note on Thursday, April 11th. BidaskClub lowered shares of Cree from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, March 27th. Finally, JMP Securities lowered shares of Cree from an “outperform” rating to a “market perform” rating and set a $49.32 price target for the company. in a research note on Tuesday, January 29th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $55.84.

Institutional investors have recently added to or reduced their stakes in the stock. Capital Investment Advisory Services LLC purchased a new position in Cree in the 4th quarter valued at approximately $35,000. Oregon Public Employees Retirement Fund grew its stake in Cree by 4,177.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,694,874 shares of the LED producer’s stock valued at $40,000 after buying an additional 1,655,251 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in Cree in the 1st quarter valued at approximately $42,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in Cree by 22.0% in the 1st quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,025 shares of the LED producer’s stock valued at $59,000 after buying an additional 185 shares in the last quarter. Finally, Bank of Montreal Can grew its stake in Cree by 31.1% in the 4th quarter. Bank of Montreal Can now owns 4,010 shares of the LED producer’s stock valued at $172,000 after buying an additional 951 shares in the last quarter.

Shares of CREE stock traded up $1.09 during trading hours on Tuesday, hitting $68.50. 1,569,866 shares of the company were exchanged, compared to its average volume of 1,315,397. The company has a quick ratio of 3.27, a current ratio of 4.33 and a debt-to-equity ratio of 0.21. Cree has a 52-week low of $33.72 and a 52-week high of $68.74. The firm has a market cap of $7.07 billion, a P/E ratio of -456.67, a PEG ratio of 8.84 and a beta of 0.64.

Cree Company Profile

Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.

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