Cree, Inc. (NASDAQ:CREE) Expected to Announce Quarterly Sales of $129.71 Million


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Brokerages expect that Cree, Inc. (NASDAQ:CREE) will announce $129.71 million in sales for the current quarter, Zacks reports. Five analysts have issued estimates for Cree’s earnings. The lowest sales estimate is $128.00 million and the highest is $130.99 million. Cree reported sales of $215.50 million during the same quarter last year, which would suggest a negative year over year growth rate of 39.8%. The company is scheduled to issue its next quarterly earnings report on Wednesday, May 5th.

On average, analysts expect that Cree will report full year sales of $609.66 million for the current year, with estimates ranging from $604.67 million to $615.40 million. For the next year, analysts anticipate that the firm will report sales of $655.22 million, with estimates ranging from $571.60 million to $727.10 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Cree.

Cree (NASDAQ:CREE) last posted its quarterly earnings results on Tuesday, January 26th. The LED producer reported ($0.24) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.25) by $0.01. The business had revenue of $127.00 million during the quarter, compared to the consensus estimate of $121.54 million. Cree had a negative net margin of 38.54% and a negative return on equity of 5.94%. Cree’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.10) earnings per share.

A number of research analysts recently issued reports on the stock. New Street Research assumed coverage on shares of Cree in a report on Monday, March 29th. They set a “buy” rating and a $120.00 price objective for the company. Citigroup upgraded shares of Cree from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $105.00 to $160.00 in a report on Wednesday, February 17th. Charter Equity upgraded shares of Cree from a “market perform” rating to a “market outperform” rating in a report on Thursday, February 25th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Cree from $100.00 to $110.00 and gave the company a “hold” rating in a report on Thursday, April 15th. Finally, Roth Capital upgraded shares of Cree from a “neutral” rating to a “buy” rating in a report on Thursday, January 28th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. Cree presently has a consensus rating of “Hold” and an average price target of $111.57.

In other news, Director John B. Replogle sold 1,722 shares of the business’s stock in a transaction on Monday, February 1st. The shares were sold at an average price of $103.60, for a total value of $178,399.20. Following the sale, the director now owns 61,448 shares of the company’s stock, valued at $6,366,012.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Clyde Hosein sold 13,816 shares of the business’s stock in a transaction on Friday, February 19th. The stock was sold at an average price of $125.48, for a total transaction of $1,733,631.68. 0.36% of the stock is owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Cree in the fourth quarter worth $294,455,000. Northern Trust Corp raised its position in Cree by 1.1% during the fourth quarter. Northern Trust Corp now owns 877,317 shares of the LED producer’s stock worth $92,908,000 after acquiring an additional 9,428 shares in the last quarter. First Trust Advisors LP raised its position in Cree by 139.8% during the fourth quarter. First Trust Advisors LP now owns 828,228 shares of the LED producer’s stock worth $87,709,000 after acquiring an additional 482,845 shares in the last quarter. Korea Investment CORP raised its position in Cree by 7.0% during the fourth quarter. Korea Investment CORP now owns 775,882 shares of the LED producer’s stock worth $82,166,000 after acquiring an additional 50,582 shares in the last quarter. Finally, MARSHALL WACE ASIA Ltd bought a new stake in Cree during the fourth quarter worth $72,793,000.

Shares of NASDAQ CREE opened at $109.69 on Tuesday. The stock has a market cap of $12.18 billion, a P/E ratio of -35.38 and a beta of 1.43. The firm has a 50 day moving average price of $109.46 and a 200 day moving average price of $98.17. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.78 and a current ratio of 4.33. Cree has a 52-week low of $34.17 and a 52-week high of $129.90.

Cree Company Profile

Cree, Inc provides lighting-class light emitting diode (LED) and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, and internationally. It operates in two segments, Wolfspeed and LED Products. The Wolfspeed segment offers silicon carbide (SiC) materials for RF, power switching, gemstones, and other applications.

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