Analysts Anticipate Cree, Inc. (CREE) Will Announce Quarterly Sales of $401.60 Million

Equities research analysts forecast that Cree, Inc. (NASDAQ:CREE) will post sales of $401.60 million for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for Cree’s earnings. The lowest sales estimate is $399.87 million and the highest is $405.00 million. Cree posted sales of $358.94 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 11.9%. The company is expected to issue its next quarterly earnings results on Tuesday, August 28th.

On average, analysts expect that Cree will report full-year sales of $1.49 billion for the current year, with estimates ranging from $1.48 billion to $1.49 billion. For the next fiscal year, analysts anticipate that the business will report sales of $1.66 billion per share, with estimates ranging from $1.61 billion to $1.73 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that that provide coverage for Cree.

Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, April 24th. The LED producer reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.03. Cree had a negative return on equity of 1.10% and a negative net margin of 17.50%. The firm had revenue of $355.96 million for the quarter, compared to analysts’ expectations of $347.38 million. During the same quarter last year, the firm posted $0.01 EPS. The company’s revenue was up 4.2% compared to the same quarter last year.

Several analysts have weighed in on the company. ValuEngine cut Cree from a “strong-buy” rating to a “buy” rating in a report on Friday, June 1st. BidaskClub raised Cree from a “buy” rating to a “strong-buy” rating in a report on Tuesday, May 8th. Zacks Investment Research raised Cree from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a report on Monday, April 30th. CIBC raised Cree from a “market perform” rating to an “outperform” rating in a report on Wednesday, April 25th. Finally, SunTrust Banks raised their price target on Cree from $39.36 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, April 25th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $37.20.

Shares of NASDAQ:CREE traded down $0.27 on Thursday, hitting $49.18. The company’s stock had a trading volume of 1,857,708 shares, compared to its average volume of 1,161,508. Cree has a 1 year low of $20.50 and a 1 year high of $50.67. The company has a quick ratio of 2.46, a current ratio of 3.74 and a debt-to-equity ratio of 0.15.

In related news, insider Michael E. Mcdevitt sold 7,000 shares of the firm’s stock in a transaction dated Thursday, April 26th. The stock was sold at an average price of $39.36, for a total transaction of $275,520.00. Following the transaction, the insider now directly owns 169,924 shares of the company’s stock, valued at approximately $6,688,208.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.10% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Allianz Asset Management GmbH increased its stake in Cree by 236.3% in the 1st quarter. Allianz Asset Management GmbH now owns 1,125,921 shares of the LED producer’s stock worth $45,386,000 after purchasing an additional 791,139 shares during the period. Summit Trail Advisors LLC increased its stake in Cree by 20.7% in the 1st quarter. Summit Trail Advisors LLC now owns 13,179 shares of the LED producer’s stock worth $337,000 after purchasing an additional 2,259 shares during the period. Principal Financial Group Inc. increased its stake in Cree by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 425,759 shares of the LED producer’s stock worth $17,162,000 after purchasing an additional 11,376 shares during the period. Xact Kapitalforvaltning AB increased its stake in Cree by 41.1% in the 1st quarter. Xact Kapitalforvaltning AB now owns 13,053 shares of the LED producer’s stock worth $526,000 after purchasing an additional 3,800 shares during the period. Finally, Robecosam AG increased its stake in Cree by 172.4% in the 1st quarter. Robecosam AG now owns 1,406,300 shares of the LED producer’s stock worth $56,688,000 after purchasing an additional 890,000 shares during the period. 98.73% of the stock is currently owned by institutional investors and hedge funds.

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. Its Lighting Products segment offers LED lighting systems and bulbs for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting and parking structures, and other applications.

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