$350.16 Million in Sales Expected for Cree, Inc. (CREE) This Quarter
Equities analysts predict that Cree, Inc. (NASDAQ:CREE) will announce $350.16 million in sales for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Cree’s earnings. The highest sales estimate is $350.80 million and the lowest is $349.30 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 company is expected to issue its next earnings results 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 financial year, with estimates ranging from $1.36 billion to $1.50 billion. For the next financial year, analysts expect that the firm will report sales of $1.51 billion per share, with estimates ranging from $1.42 billion to $1.61 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Cree.
Several brokerages have issued reports on CREE. Cowen and Company reiterated a “market perform” rating on shares of Cree in a report on Wednesday, April 26th. Roth Capital reiterated a “buy” rating and issued a $29.00 price target (up previously from $27.00) on shares of Cree in a report on Tuesday, June 20th. J P Morgan Chase & Co reiterated a “neutral” rating and issued a $26.00 price target (up previously from $25.00) on shares of Cree in a report on Monday, June 5th. JMP Securities upgraded Cree from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $23.81 to $29.00 in a report on Monday, May 22nd. Finally, TheStreet lowered Cree from a “c-” rating to a “d+” rating in a report on Wednesday, May 17th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $25.00.
Shares of Cree (NASDAQ:CREE) opened at 23.78 on Wednesday. Cree has a 12 month low of $20.75 and a 12 month high of $31.64. The firm’s market capitalization is $2.31 billion. The company has a 50-day moving average price of $25.22 and a 200-day moving average price of $25.21.
Several hedge funds and other institutional investors have recently bought and sold shares of CREE. BlackRock Inc. raised its position in Cree by 13,401.9% in the first quarter. BlackRock Inc. now owns 8,080,185 shares of the LED producer’s stock worth $215,984,000 after buying an additional 8,020,340 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Cree by 17.9% in the first quarter. Dimensional Fund Advisors LP now owns 6,886,898 shares of the LED producer’s stock worth $184,088,000 after buying an additional 1,043,768 shares in the last quarter. State Street Corp raised its position in Cree by 24.2% in the second quarter. State Street Corp now owns 3,688,186 shares of the LED producer’s stock worth $90,915,000 after buying an additional 717,698 shares in the last quarter. Norges Bank bought a new position in Cree during the fourth quarter worth $14,662,000. Finally, Fairpointe Capital LLC raised its position in Cree by 8.8% in the second quarter. Fairpointe Capital LLC now owns 6,070,231 shares of the LED producer’s stock worth $149,631,000 after buying an additional 492,465 shares in the last quarter. Institutional investors own 86.52% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: “$350.16 Million in Sales Expected for Cree, Inc. (CREE) This Quarter” was originally published by American Banking News and is the sole property of of American Banking News. If you are reading this piece of content on another domain, it was illegally copied and republished in violation of United States & international trademark and copyright law. The correct version of this piece of content can be read at https://www.americanbankingnews.com/2017/08/16/350-16-million-in-sales-expected-for-cree-inc-cree-this-quarter-2.html.
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 MarketBeat.com's FREE daily email newsletter.