Cray Inc (CRAY) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Cray Inc (NASDAQ:CRAY) from a hold rating to a strong-buy rating in a research report sent to investors on Friday morning. The brokerage currently has $23.00 target price on the technology company’s stock.

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 research firms also recently weighed in on CRAY. KeyCorp reaffirmed a buy rating and issued a $24.00 target price on shares of Cray in a research report on Wednesday, November 1st. BidaskClub raised shares of Cray from a strong sell rating to a sell rating in a research report on Tuesday, August 1st. Finally, Stifel Nicolaus reaffirmed a buy rating and issued a $26.00 target price on shares of Cray in a research report on Wednesday, August 16th. Two investment analysts have rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $24.00.

Cray (CRAY) traded up $0.18 during trading hours on Friday, hitting $19.23. 45,727 shares of the stock were exchanged, compared to its average volume of 312,928. The stock has a market cap of $770.34, a P/E ratio of 272.14 and a beta of 1.64. Cray has a 12-month low of $16.10 and a 12-month high of $22.85.

Cray (NASDAQ:CRAY) last released its earnings results on Monday, October 30th. The technology company reported ($0.33) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.49) by $0.16. The firm had revenue of $79.70 million for the quarter, compared to the consensus estimate of $59.67 million. Cray had a net margin of 2.71% and a return on equity of 0.73%. The company’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.49) EPS. analysts predict that Cray will post -1.19 earnings per share for the current fiscal year.

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Hedge funds have recently made changes to their positions in the stock. Strs Ohio purchased a new stake in Cray during the 3rd quarter valued at about $101,000. State of Alaska Department of Revenue grew its position in Cray by 77.3% during the 2nd quarter. State of Alaska Department of Revenue now owns 7,979 shares of the technology company’s stock valued at $146,000 after purchasing an additional 3,479 shares during the last quarter. Municipal Employees Retirement System of Michigan grew its position in Cray by 3.6% during 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 during the last quarter. BNP Paribas Arbitrage SA grew its position in Cray by 59.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 13,393 shares of the technology company’s stock valued at $246,000 after purchasing an additional 5,001 shares during the last quarter. Finally, UBS Asset Management Americas Inc. purchased a new stake in Cray during the 1st quarter valued at about $287,000. 97.80% of the stock is currently owned by institutional investors.

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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