Cray Inc (NASDAQ:CRAY) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Friday. The firm presently has a $23.00 target price on the technology company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 20.73% from the company’s current price.

According to Zacks, “Cray Inc. is engaged in designing, developing, manufacturing, marketing and servicing the high performance computing (HPC) market, primarily categories of systems known as supercomputers. The Company’s segments include Supercomputing, Storage and Data Management, Maintenance and Support, and Engineering Services and Other. The Supercomputing segment includes a suite of supercomputer systems, which are used by engineering centers in universities, government laboratories, and commercial institutions. The Storage and Data Management segment includes Cray Data Warp and Sonexion, as well as other third-party storage products and their ongoing maintenance and system analysts. The Maintenance and Support segment provides ongoing maintenance of Cray supercomputers, big data storage and analytics systems, as well as system analysts. The Engineering Services and Other segment include the Company’s analytics business and Custom Engineering. “

A number of other equities analysts have also commented on the stock. KeyCorp reiterated a “buy” rating and issued a $24.00 price objective on shares of Cray in a report on Wednesday. BidaskClub lowered shares of Cray from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 23rd. Finally, Stifel Nicolaus restated a “buy” rating and issued a $26.00 target price on shares of Cray in a research note on Wednesday, August 16th. Two equities research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $24.00.

Shares of Cray (CRAY) traded down $1.20 during mid-day trading on Friday, reaching $19.05. 302,779 shares of the company’s stock were exchanged, compared to its average volume of 303,367. The stock has a market cap of $814.83 million, a price-to-earnings ratio of 287.86 and a beta of 1.64.

Cray (NASDAQ:CRAY) last issued its quarterly earnings data on Monday, October 30th. The technology company reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.16. Cray had a net margin of 2.71% and a return on equity of 0.73%. The firm had revenue of $79.70 million for the quarter, compared to analyst estimates of $59.67 million. During the same quarter in the previous year, the business posted ($0.49) EPS. The firm’s revenue was up 2.9% compared to the same quarter last year. analysts anticipate that Cray will post -1.19 EPS for the current year.

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Several institutional investors have recently modified their holdings of the company. Municipal Employees Retirement System of Michigan raised its stake in shares of Cray by 3.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 9,620 shares of the technology company’s stock valued at $177,000 after purchasing an additional 330 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Cray by 1.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,991 shares of the technology company’s stock valued at $589,000 after purchasing an additional 340 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Cray by 1.0% in the 1st quarter. Legal & General Group Plc now owns 70,704 shares of the technology company’s stock valued at $1,548,000 after purchasing an additional 734 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in shares of Cray by 4.3% in the 2nd quarter. Pinnacle Associates Ltd. now owns 18,200 shares of the technology company’s stock valued at $335,000 after purchasing an additional 750 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Cray by 4.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 22,101 shares of the technology company’s stock valued at $485,000 after purchasing an additional 858 shares in the last quarter. Institutional investors and hedge funds own 96.14% of the company’s stock.

Cray Company Profile

Cray Inc is engaged in designing, developing, manufacturing, marketing and servicing the high performance computing (HPC) market, primarily categories of systems known as supercomputers. The Company’s segments include Supercomputing, Storage and Data Management, Maintenance and Support, and Engineering Services and Other.

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