Wall Street brokerages expect Cree, Inc. (NASDAQ:CREE) to announce sales of $361.31 million for the current quarter, according to Zacks. Seven analysts have made estimates for Cree’s earnings. The highest sales estimate is $364.00 million and the lowest is $359.30 million. Cree reported sales of $321.33 million during the same quarter last year, which would suggest a positive year over year growth rate of 12.4%. The business is scheduled to announce its next quarterly earnings results after the market closes on Tuesday, October 17th.

On average, analysts expect that Cree will report full year sales of $361.31 million for the current fiscal year, with estimates ranging from $1.43 billion to $1.52 billion. For the next financial year, analysts expect that the firm will post sales of $1.56 billion per share, with estimates ranging from $1.46 billion to $1.63 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Cree.

Cree (NASDAQ:CREE) last issued its quarterly earnings data on Tuesday, August 22nd. The LED producer reported $0.04 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.04. Cree had a negative return on equity of 0.13% and a negative net margin of 7.17%. The firm had revenue of $359.00 million during the quarter, compared to analyst estimates of $349.82 million. During the same quarter last year, the firm earned $0.19 EPS. Cree’s quarterly revenue was down 7.6% on a year-over-year basis.

A number of research firms have recently commented on CREE. ValuEngine upgraded Cree from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. KeyCorp reiterated an “equal weight” rating and issued a $21.00 price objective on shares of Cree in a research note on Friday, August 25th. Bank of America Corporation dropped their price objective on Cree from $28.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 23rd. Cowen and Company set a $22.00 price objective on Cree and gave the stock a “hold” rating in a research note on Wednesday, August 23rd. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $22.00 price objective (down from $24.00) on shares of Cree in a research note on Wednesday, August 23rd. Five investment 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’s stock. The stock presently has an average rating of “Hold” and an average target price of $23.73.

Shares of Cree (CREE) traded up 1.42% during midday trading on Friday, reaching $24.98. The company’s stock had a trading volume of 883,094 shares. The stock’s market capitalization is $2.44 billion. The stock’s 50-day moving average is $23.91 and its 200 day moving average is $24.64. Cree has a 12 month low of $20.50 and a 12 month high of $31.64.

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Hedge funds have recently added to or reduced their stakes in the company. GAM Holding AG bought a new stake in shares of Cree in the 2nd quarter valued at approximately $104,000. Riverhead Capital Management LLC grew its stake in shares of Cree by 75.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,426 shares of the LED producer’s stock valued at $134,000 after purchasing an additional 2,326 shares during the period. Strs Ohio bought a new stake in shares of Cree in the 2nd quarter valued at approximately $140,000. LS Investment Advisors LLC grew its stake in shares of Cree by 17.9% in the 2nd quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock valued at $188,000 after purchasing an additional 1,160 shares during the period. Finally, Advisor Group Inc. grew its stake in shares of Cree by 11.5% in the 2nd quarter. Advisor Group Inc. now owns 8,175 shares of the LED producer’s stock valued at $197,000 after purchasing an additional 846 shares during the period. Institutional investors own 91.30% of the company’s stock.

About Cree

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.

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