$236.84 Million in Sales Expected for Cree, Inc. (NASDAQ:CREE) This Quarter

Equities analysts expect Cree, Inc. (NASDAQ:CREE) to announce $236.84 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Cree’s earnings, with the highest sales estimate coming in at $237.94 million and the lowest estimate coming in at $234.00 million. Cree posted sales of $413.04 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 42.7%. The firm is expected to issue its next quarterly earnings report on Wednesday, January 29th.

On average, analysts expect that Cree will report full-year sales of $968.43 million for the current fiscal year, with estimates ranging from $952.30 million to $1.00 billion. For the next year, analysts anticipate that the firm will report sales of $1.10 billion, with estimates ranging from $984.00 million to $1.18 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Cree.

Cree (NASDAQ:CREE) last released its earnings results on Wednesday, October 30th. The LED producer reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. Cree had a negative return on equity of 0.20% and a negative net margin of 34.02%. The business had revenue of $242.80 million for the quarter, compared to the consensus estimate of $239.48 million. During the same period last year, the business earned $0.22 earnings per share. The firm’s revenue for the quarter was down 11.5% compared to the same quarter last year.

Several research firms recently weighed in on CREE. BidaskClub cut shares of Cree from a “buy” rating to a “hold” rating in a research report on Friday, September 27th. BMO Capital Markets dropped their price objective on shares of Cree to $45.00 and set a “market perform” rating for the company in a research report on Thursday, October 31st. JMP Securities cut shares of Cree from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 21st. JPMorgan Chase & Co. cut shares of Cree from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $43.00 to $40.00 in a research report on Thursday, October 31st. Finally, Roth Capital dropped their price objective on shares of Cree from $67.00 to $61.00 in a research report on Thursday, October 31st. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $54.90.

In other Cree news, Director Duy Loan T. Le bought 2,000 shares of the stock in a transaction on Friday, November 1st. The stock was purchased at an average price of $45.87 per share, with a total value of $91,740.00. Following the acquisition, the director now owns 13,659 shares of the company’s stock, valued at $626,538.33. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 0.36% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CREE. Dorsey Wright & Associates grew its holdings in shares of Cree by 91.4% in the 2nd quarter. Dorsey Wright & Associates now owns 65,946 shares of the LED producer’s stock valued at $3,705,000 after buying an additional 31,489 shares during the period. Retirement Systems of Alabama grew its holdings in shares of Cree by 1.9% in the 2nd quarter. Retirement Systems of Alabama now owns 136,889 shares of the LED producer’s stock valued at $7,690,000 after buying an additional 2,517 shares during the period. PFS Investments Inc. acquired a new position in shares of Cree in the 2nd quarter valued at $521,000. Oregon Public Employees Retirement Fund grew its holdings in shares of Cree by 2.0% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 41,749 shares of the LED producer’s stock valued at $2,345,000 after buying an additional 803 shares during the period. Finally, Arden Trust Co acquired a new position in shares of Cree in the 2nd quarter valued at $814,000.

CREE stock traded up $0.25 during trading on Thursday, reaching $49.39. 712,100 shares of the stock were exchanged, compared to its average volume of 1,555,391. The company has a current ratio of 5.57, a quick ratio of 4.82 and a debt-to-equity ratio of 0.23. The stock has a 50 day simple moving average of $47.87 and a 200-day simple moving average of $55.07. Cree has a twelve month low of $38.67 and a twelve month high of $69.21. The company has a market capitalization of $5.50 billion, a P/E ratio of 137.19 and a beta of 0.95.

Cree Company Profile

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. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.

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