Brokerages expect Cree, Inc. (NASDAQ:CREE) to announce $0.09 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Cree’s earnings. Cree reported earnings of $0.02 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 350%. The business is expected to report its next earnings report after the market closes on Tuesday, April 25th.
According to Zacks, analysts expect that Cree will report full-year earnings of $0.41 per share for the current financial year. For the next fiscal year, analysts forecast that the firm will post earnings of $0.36 per share. Zacks’ earnings per share averages are an average based on a survey of research firms that that provide coverage for Cree.
Cree (NASDAQ:CREE) last issued its earnings results on Tuesday, January 24th. The LED producer reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.22. Cree had a positive return on equity of 1.06% and a negative net margin of 0.26%. The firm had revenue of $347 million for the quarter, compared to analysts’ expectations of $328.54 million. During the same quarter last year, the firm earned $0.30 earnings per share. The firm’s revenue for the quarter was down 11.9% compared to the same quarter last year.
Several equities analysts have recently commented on CREE shares. Goldman Sachs Group Inc set a $17.00 target price on shares of Cree and gave the company a “sell” rating in a research report on Tuesday, December 27th. Canaccord Genuity boosted their target price on shares of Cree from $20.00 to $23.00 and gave the company a “hold” rating in a research report on Thursday, January 19th. Roth Capital reiterated a “buy” rating and set a $33.00 price objective (down from $34.00) on shares of Cree in a research report on Friday, March 31st. Needham & Company LLC reiterated a “hold” rating on shares of Cree in a research report on Wednesday, January 25th. Finally, Williams Capital upped their price objective on shares of Cree from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday, January 25th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $26.22.
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Shares of Cree (NASDAQ:CREE) traded up 0.85% on Thursday, reaching $24.81. The company had a trading volume of 518,487 shares. Cree has a 52-week low of $20.75 and a 52-week high of $31.64. The company has a 50 day moving average price of $26.07 and a 200 day moving average price of $25.90. The stock’s market capitalization is $2.44 billion.
A number of hedge funds and other institutional investors have recently modified their holdings of CREE. New York State Common Retirement Fund raised its position in shares of Cree by 9.7% in the third quarter. New York State Common Retirement Fund now owns 318,584 shares of the LED producer’s stock valued at $8,194,000 after buying an additional 28,266 shares in the last quarter. BlackRock Fund Advisors raised its position in shares of Cree by 9.5% in the third quarter. BlackRock Fund Advisors now owns 3,811,409 shares of the LED producer’s stock valued at $98,029,000 after buying an additional 329,528 shares in the last quarter. BlackRock Inc. raised its position in shares of Cree by 4.6% in the third quarter. BlackRock Inc. now owns 61,368 shares of the LED producer’s stock valued at $1,578,000 after buying an additional 2,686 shares in the last quarter. BlackRock Investment Management LLC raised its position in shares of Cree by 0.5% in the third quarter. BlackRock Investment Management LLC now owns 294,458 shares of the LED producer’s stock valued at $7,573,000 after buying an additional 1,544 shares in the last quarter. Finally, BlackRock Advisors LLC raised its position in shares of Cree by 1.1% in the third quarter. BlackRock Advisors LLC now owns 55,919 shares of the LED producer’s stock valued at $1,438,000 after buying an additional 616 shares in the last quarter. 84.38% of the stock is currently owned by institutional investors and hedge funds.
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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