Analysts Expect Cree, Inc. (CREE) Will Announce Quarterly Sales of $343.88 Million

Equities research analysts predict that Cree, Inc. (NASDAQ:CREE) will report $343.88 million in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have made estimates for Cree’s earnings, with the highest sales estimate coming in at $350.32 million and the lowest estimate coming in at $327.21 million. Cree posted sales of $341.51 million in the same quarter last year, which would indicate a positive year over year growth rate of 0.7%. The company is scheduled to announce its next earnings results on Tuesday, April 24th.

On average, analysts expect that Cree will report full-year sales of $343.88 million for the current fiscal year, with estimates ranging from $1.39 billion to $1.45 billion. For the next fiscal year, analysts anticipate that the business will post sales of $1.50 billion per share, with estimates ranging from $1.38 billion to $1.60 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Cree.

Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, January 23rd. The LED producer reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.02). Cree had a negative net margin of 7.77% and a negative return on equity of 1.24%. The business had revenue of $367.87 million during the quarter, compared to analysts’ expectations of $349.62 million. During the same quarter last year, the company earned $0.30 EPS. The firm’s revenue for the quarter was down 8.3% compared to the same quarter last year.

Several research firms recently commented on CREE. JPMorgan Chase & Co. set a $28.00 price target on shares of Cree and gave the company a “sell” rating in a research report on Wednesday, February 7th. Zacks Investment Research downgraded shares of Cree from a “hold” rating to a “sell” rating in a research report on Monday, January 29th. Canaccord Genuity upped their price objective on shares of Cree from $26.00 to $31.00 and gave the stock a “hold” rating in a research report on Wednesday, January 24th. Oppenheimer restated a “hold” rating on shares of Cree in a research report on Wednesday, January 24th. Finally, Deutsche Bank set a $45.00 price objective on shares of Cree and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Six equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the company’s stock. Cree currently has a consensus rating of “Hold” and a consensus target price of $30.42.

Large investors have recently bought and sold shares of the company. Icon Wealth Partners LLC acquired a new position in shares of Cree during the 4th quarter worth $110,000. SeaCrest Wealth Management LLC acquired a new position in shares of Cree during the 4th quarter worth $156,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Cree by 41.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,721 shares of the LED producer’s stock worth $212,000 after purchasing an additional 1,687 shares during the period. M&T Bank Corp acquired a new position in shares of Cree during the 4th quarter worth $237,000. Finally, Garner Asset Management Corp acquired a new position in shares of Cree during the 3rd quarter worth $204,000. 98.47% of the stock is currently owned by institutional investors and hedge funds.

Shares of Cree (NASDAQ CREE) opened at $34.67 on Wednesday. Cree has a 12-month low of $20.50 and a 12-month high of $40.24. The company has a quick ratio of 3.48, a current ratio of 4.59 and a debt-to-equity ratio of 0.05.

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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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