Wall Street brokerages expect Cree, Inc. (NASDAQ:CREE) to announce $145.40 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Cree's earnings. The lowest sales estimate is $144.20 million and the highest is $146.34 million. Cree posted sales of $205.70 million in the same quarter last year, which suggests a negative year-over-year growth rate of 29.3%. The company is expected to announce its next quarterly earnings report on Tuesday, August 17th.
According to Zacks, analysts expect that Cree will report full-year sales of $622.86 million for the current fiscal year, with estimates ranging from $606.00 million to $627.24 million. For the next fiscal year, analysts forecast that the company will post sales of $662.02 million, with estimates ranging from $575.00 million to $713.48 million. Zacks Investment Research's sales calculations are an average based on a survey of analysts that cover Cree.
Cree (NASDAQ:CREE) last issued its quarterly earnings results on Wednesday, April 28th. The LED producer reported ($0.22) earnings per share for the quarter, topping the Zacks' consensus estimate of ($0.31) by $0.09. The company had revenue of $137.30 million during the quarter, compared to the consensus estimate of $130.39 million. Cree had a negative net margin of 60.56% and a negative return on equity of 6.87%. The firm's quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.17) EPS.
Several brokerages recently commented on CREE. Morgan Stanley increased their price objective on shares of Cree from $93.00 to $100.00 and gave the company an "equal weight" rating in a research note on Monday, April 26th. JPMorgan Chase & Co. raised shares of Cree from an "underweight" rating to a "neutral" rating in a research note on Monday, May 10th. They noted that the move was a valuation call. Wells Fargo & Company increased their price objective on shares of Cree from $100.00 to $115.00 and gave the company an "equal weight" rating in a research note on Thursday, April 8th. Canaccord Genuity increased their price objective on shares of Cree from $126.00 to $132.00 and gave the company a "buy" rating in a research note on Monday, July 12th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Cree from $100.00 to $110.00 and gave the company a "hold" rating in a research note on Friday, April 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company's stock. The company presently has a consensus rating of "Hold" and a consensus target price of $115.92.
Shares of NASDAQ:CREE opened at $92.41 on Friday. The company has a market cap of $10.67 billion, a P/E ratio of -24.64 and a beta of 1.51. The company has a debt-to-equity ratio of 0.37, a quick ratio of 3.79 and a current ratio of 4.18. The company has a 50 day moving average of $95.30. Cree has a one year low of $56.39 and a one year high of $129.90.
Several institutional investors and hedge funds have recently bought and sold shares of CREE. Norges Bank acquired a new stake in shares of Cree during the fourth quarter worth $294,455,000. Capital International Investors grew its holdings in Cree by 17.2% in the first quarter. Capital International Investors now owns 9,663,314 shares of the LED producer's stock worth $1,044,894,000 after purchasing an additional 1,414,992 shares during the period. MARSHALL WACE ASIA Ltd acquired a new stake in Cree in the fourth quarter worth $72,793,000. Ardevora Asset Management LLP acquired a new stake in Cree in the first quarter worth $50,702,000. Finally, Principal Financial Group Inc. grew its holdings in Cree by 122.3% in the first quarter. Principal Financial Group Inc. now owns 740,523 shares of the LED producer's stock worth $80,072,000 after purchasing an additional 407,464 shares during the period.
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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