$236.84 Million in Sales Expected for Cree, Inc. (NASDAQ:CREE) This Quarter

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Wall Street analysts expect that Cree, Inc. (NASDAQ:CREE) will report sales of $236.84 million for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Cree’s earnings, with the lowest sales estimate coming in at $234.00 million and the highest estimate coming in at $237.94 million. Cree posted sales of $413.04 million in the same quarter last year, which would indicate a negative year over year growth rate of 42.7%. The company is expected to announce its next quarterly earnings report on Wednesday, January 29th.

On average, analysts expect that Cree will report full year sales of $968.43 million for the current fiscal year, with estimates ranging from $952.30 million to $1.00 billion. For the next year, analysts anticipate that the company will post sales of $1.10 billion, with estimates ranging from $984.00 million to $1.18 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Cree.

Cree (NASDAQ:CREE) last issued its earnings results on Wednesday, October 30th. The LED producer reported ($0.03) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. The business had revenue of $242.80 million during the quarter, compared to analysts’ expectations of $239.48 million. Cree had a negative return on equity of 0.20% and a negative net margin of 34.02%. Cree’s revenue was down 11.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.22 earnings per share.

A number of equities analysts have recently commented on the company. Canaccord Genuity dropped their price objective on Cree from $64.00 to $57.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. BidaskClub lowered Cree from a “buy” rating to a “hold” rating in a research note on Friday, September 27th. Wells Fargo & Co assumed coverage on Cree in a research note on Friday, October 11th. They issued a “market perform” rating and a $50.00 price objective on the stock. JPMorgan Chase & Co. lowered Cree from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $43.00 to $40.00 in a research note on Thursday, October 31st. Finally, BMO Capital Markets dropped their price objective on Cree to $45.00 and set a “market perform” rating on the stock in a research note on Thursday, October 31st. Three analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $54.90.

Shares of Cree stock traded up $0.25 during midday trading on Thursday, hitting $49.39. The company’s stock had a trading volume of 712,100 shares, compared to its average volume of 1,555,391. The company has a quick ratio of 4.82, a current ratio of 5.57 and a debt-to-equity ratio of 0.23. The stock has a 50-day simple moving average of $47.87 and a 200-day simple moving average of $55.07. The firm has a market capitalization of $5.50 billion, a P/E ratio of 137.19 and a beta of 0.95. Cree has a 1-year low of $38.67 and a 1-year high of $69.21.

In other news, Director Duy Loan T. Le purchased 2,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were purchased at an average cost of $45.87 per share, for a total transaction of $91,740.00. Following the completion of the purchase, the director now directly owns 13,659 shares of the company’s stock, valued at approximately $626,538.33. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.36% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Winslow Evans & Crocker Inc. increased its stake in Cree by 169.9% during the third quarter. Winslow Evans & Crocker Inc. now owns 556 shares of the LED producer’s stock valued at $28,000 after acquiring an additional 350 shares during the period. Point72 Hong Kong Ltd acquired a new stake in Cree during the second quarter valued at approximately $36,000. AdvisorNet Financial Inc boosted its holdings in Cree by 2,777.8% during the third quarter. AdvisorNet Financial Inc now owns 777 shares of the LED producer’s stock valued at $38,000 after purchasing an additional 750 shares in the last quarter. Quantamental Technologies LLC boosted its holdings in Cree by 41.1% during the second quarter. Quantamental Technologies LLC now owns 1,254 shares of the LED producer’s stock valued at $70,000 after purchasing an additional 365 shares in the last quarter. Finally, FNY Investment Advisers LLC boosted its holdings in Cree by 92.0% during the second quarter. FNY Investment Advisers LLC now owns 1,440 shares of the LED producer’s stock valued at $80,000 after purchasing an additional 690 shares in the last quarter.

About Cree

Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.

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