$349.90 Million in Sales Expected for Cree, Inc. (CREE) This Quarter

Equities research analysts forecast that Cree, Inc. (NASDAQ:CREE) will post sales of $349.90 million for the current quarter, Zacks Investment Research reports. Seven analysts have made estimates for Cree’s earnings. The highest sales estimate is $354.50 million and the lowest is $345.00 million. Cree reported sales of $346.96 million in the same quarter last year, which indicates a positive year over year growth rate of 0.8%. The business is expected to report its next quarterly earnings report on Tuesday, January 23rd.

According to Zacks, analysts expect that Cree will report full-year sales of $349.90 million for the current financial year, with estimates ranging from $1.37 billion to $1.43 billion. For the next financial year, analysts anticipate that the business will post sales of $1.47 billion per share, with estimates ranging from $1.41 billion to $1.51 billion. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Cree.

Cree (NASDAQ:CREE) last posted its earnings results on Tuesday, October 17th. The LED producer reported $0.04 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.04. Cree had a negative return on equity of 0.44% and a negative net margin of 8.42%. The business had revenue of $360.00 million during the quarter, compared to analysts’ expectations of $360.01 million. During the same period in the previous year, the business earned $0.09 earnings per share. The firm’s revenue was down 3.0% on a year-over-year basis.

Several equities analysts recently commented on CREE shares. ValuEngine upgraded Cree from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Deutsche Bank set a $45.00 target price on Cree and gave the stock a “buy” rating in a research report on Tuesday, December 12th. Zacks Investment Research cut Cree from a “hold” rating to a “sell” rating in a research report on Friday, December 15th. Bank of America boosted their target price on Cree from $31.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 18th. Finally, JMP Securities set a $41.00 target price on Cree and gave the stock a “buy” rating in a research report on Wednesday, October 18th. Eight equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. Cree currently has an average rating of “Hold” and an average target price of $28.18.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. raised its position in Cree by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 417,150 shares of the LED producer’s stock valued at $11,760,000 after purchasing an additional 7,340 shares during the last quarter. Zacks Investment Management purchased a new stake in Cree during the 2nd quarter valued at $1,069,000. Alliancebernstein L.P. boosted its stake in Cree by 108.4% during the 2nd quarter. Alliancebernstein L.P. now owns 155,105 shares of the LED producer’s stock valued at $3,823,000 after purchasing an additional 80,681 shares during the last quarter. BlackRock Inc. boosted its stake in Cree by 26.8% during the 2nd quarter. BlackRock Inc. now owns 10,245,032 shares of the LED producer’s stock valued at $252,541,000 after purchasing an additional 2,164,847 shares during the last quarter. Finally, Arizona State Retirement System boosted its stake in Cree by 1.2% during the 2nd quarter. Arizona State Retirement System now owns 41,000 shares of the LED producer’s stock valued at $1,011,000 after purchasing an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 98.74% of the company’s stock.

Cree (NASDAQ:CREE) opened at $37.33 on Monday. Cree has a 52-week low of $20.50 and a 52-week high of $40.24. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.61 and a current ratio of 4.82. The company has a market capitalization of $3,620.00, a PE ratio of -30.60 and a beta of 1.26.

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Cree Company Profile

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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Earnings History and Estimates for Cree (NASDAQ:CREE)

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