Wall Street analysts predict that Cree, Inc. (NASDAQ:CREE) will announce $361.31 million in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Cree’s earnings. The lowest sales estimate is $359.30 million and the highest is $364.00 million. Cree posted sales of $321.33 million in the same quarter last year, which suggests a positive year over year growth rate of 12.4%. The business is expected to report its next earnings report 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 fiscal year, analysts anticipate that the firm will report sales of $1.54 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 analysts that follow Cree.

Cree (NASDAQ:CREE) last posted its earnings results on Tuesday, August 22nd. The LED producer reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $359.00 million during the quarter, compared to analysts’ expectations of $349.82 million. Cree had a negative net margin of 7.17% and a negative return on equity of 0.13%. The business’s revenue was down 7.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.19 EPS.

CREE has been the subject of a number of analyst reports. Roth Capital restated 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. BidaskClub cut Cree from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Zacks Investment Research cut Cree from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. J P Morgan Chase & Co cut Cree from a “neutral” rating to an “underweight” rating and upped their price target for the stock from $23.00 to $28.00 in a report on Friday, October 6th. Finally, ValuEngine upgraded Cree from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Six investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the stock. Cree currently has a consensus rating of “Hold” and an average price target of $23.58.

Several hedge funds have recently bought and sold shares of the stock. Ardsley Advisory Partners acquired a new stake in shares of Cree during the 2nd quarter valued at approximately $1,849,000. Robecosam AG raised its position in shares of Cree by 86.7% during the 2nd quarter. Robecosam AG now owns 504,000 shares of the LED producer’s stock valued at $12,494,000 after acquiring an additional 234,000 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in shares of Cree by 29.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 37,291 shares of the LED producer’s stock valued at $919,000 after acquiring an additional 8,577 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Cree by 1.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 34,696 shares of the LED producer’s stock valued at $855,000 after acquiring an additional 627 shares in the last quarter. Finally, Fairpointe Capital LLC raised its position in shares of Cree by 8.8% during the 2nd quarter. Fairpointe Capital LLC now owns 6,070,231 shares of the LED producer’s stock valued at $149,631,000 after acquiring an additional 492,465 shares in the last quarter. 91.37% of the stock is currently owned by institutional investors and hedge funds.

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Cree (NASDAQ CREE) opened at 29.46 on Wednesday. Cree has a 52-week low of $20.50 and a 52-week high of $31.64. The firm’s 50-day moving average is $25.65 and its 200-day moving average is $24.75. The firm’s market capitalization is $2.87 billion.

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.

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