Analysts predict that Cree, Inc. (NASDAQ:CREE) will post $350.16 million in sales for the current quarter, Zacks reports. Five analysts have issued estimates for Cree’s earnings. The lowest sales estimate is $349.30 million and the highest is $350.80 million. Cree reported sales of $388.41 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 9.8%. The business is scheduled to issue its next earnings report after the market closes on Tuesday, August 22nd.
According to Zacks, analysts expect that Cree will report full-year sales of $350.16 million for the current fiscal year, with estimates ranging from $1.36 billion to $1.50 billion. For the next fiscal year, analysts expect that the company will report sales of $1.51 billion per share, with estimates ranging from $1.42 billion to $1.61 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow Cree.
Several equities research analysts have recently commented on CREE shares. Zacks Investment Research upgraded shares of Cree from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Williams Capital lowered their price target on shares of Cree from $27.00 to $25.00 and set a “hold” rating for the company in a research report on Wednesday, April 26th. Deutsche Bank AG reiterated a “hold” rating and set a $24.00 price target (down previously from $28.00) on shares of Cree in a research report on Saturday, April 29th. BidaskClub cut shares of Cree from a “buy” rating to a “hold” rating in a report on Friday. Finally, Canaccord Genuity restated a “hold” rating and set a $23.00 price objective on shares of Cree in a report on Friday, April 21st. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $25.00.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisory Services Network LLC bought a new position in shares of Cree during the first quarter worth $134,000. Strs Ohio bought a new position in shares of Cree during the second quarter worth $140,000. LS Investment Advisors LLC raised its position in shares of Cree by 17.9% in the second quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock worth $188,000 after buying an additional 1,160 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Cree during the first quarter worth $249,000. Finally, Wrapmanager Inc. raised its position in shares of Cree by 10.1% in the first quarter. Wrapmanager Inc. now owns 10,727 shares of the LED producer’s stock worth $287,000 after buying an additional 988 shares during the last quarter. 86.22% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Cree (NASDAQ:CREE) traded up 0.93% during midday trading on Friday, hitting $26.15. 605,593 shares of the company traded hands. The stock’s 50-day moving average is $25.44 and its 200 day moving average is $25.50. Cree has a 12-month low of $20.75 and a 12-month high of $31.64. The stock’s market capitalization is $2.54 billion.
ILLEGAL ACTIVITY NOTICE: “Cree, Inc. (CREE) Expected to Announce Quarterly Sales of $350.16 Million” was published by Rincon Hill News and is the property of of Rincon Hill News. If you are reading this piece of content on another site, it was illegally stolen and republished in violation of U.S. & international copyright laws. The legal version of this piece of content can be viewed at https://rinconhillneighbors.org/2017/08/19/cree-inc-cree-expected-to-announce-quarterly-sales-of-350-16-million-updated-updated.html.
Cree Company Profile
Cree, Inc is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company’s products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cree Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree Inc. and related companies with our FREE daily email newsletter.