$407.29 Million in Sales Expected for Cree, Inc. (CREE) This Quarter

Wall Street brokerages expect that Cree, Inc. (NASDAQ:CREE) will post $407.29 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for Cree’s earnings. The highest sales estimate is $410.00 million and the lowest is $404.96 million. Cree posted sales of $360.40 million during the same quarter last year, which would suggest a positive year over year growth rate of 13%. The firm is expected to issue its next earnings results after the market closes on Tuesday, October 16th.

According to Zacks, analysts expect that Cree will report full year sales of $1.69 billion for the current year, with estimates ranging from $1.66 billion to $1.76 billion. For the next fiscal year, analysts forecast that the business will post sales of $1.89 billion per share, with estimates ranging from $1.84 billion to $2.01 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Cree.

Cree (NASDAQ:CREE) last posted its earnings results on Tuesday, August 14th. The LED producer reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.03. Cree had a negative return on equity of 0.74% and a negative net margin of 18.74%. The firm had revenue of $409.45 million for the quarter, compared to the consensus estimate of $399.69 million. During the same quarter in the prior year, the business earned $0.04 EPS. The business’s revenue for the quarter was up 14.1% on a year-over-year basis.

A number of research analysts have weighed in on CREE shares. BidaskClub downgraded Cree from a “buy” rating to a “hold” rating in a report on Tuesday, September 11th. ValuEngine cut Cree from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. Roth Capital set a $50.00 price target on Cree and gave the stock a “hold” rating in a research report on Wednesday, August 15th. Zacks Investment Research cut Cree from a “buy” rating to a “hold” rating in a research report on Tuesday, June 26th. Finally, Cowen reissued a “hold” rating and issued a $45.00 price target on shares of Cree in a research report on Thursday, August 9th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $43.92.

CREE stock opened at $40.47 on Tuesday. Cree has a fifty-two week low of $24.79 and a fifty-two week high of $51.78. The company has a current ratio of 3.58, a quick ratio of 2.39 and a debt-to-equity ratio of 0.14. The company has a market cap of $4.10 billion, a price-to-earnings ratio of -269.80 and a beta of 0.55.

In other news, EVP David Todd Emerson sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $45.84, for a total value of $1,031,400.00. Following the sale, the executive vice president now directly owns 159,097 shares of the company’s stock, valued at approximately $7,293,006.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.55% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in CREE. Pendal Group Ltd bought a new position in Cree in the 2nd quarter valued at approximately $94,150,000. Artisan Partners Limited Partnership lifted its position in Cree by 245.3% in the 2nd quarter. Artisan Partners Limited Partnership now owns 2,187,858 shares of the LED producer’s stock valued at $90,949,000 after acquiring an additional 1,554,250 shares in the last quarter. Robecosam AG lifted its position in Cree by 172.4% in the 1st quarter. Robecosam AG now owns 1,406,300 shares of the LED producer’s stock valued at $56,688,000 after acquiring an additional 890,000 shares in the last quarter. Allianz Asset Management GmbH lifted its position 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 valued at $45,386,000 after acquiring an additional 791,139 shares in the last quarter. Finally, Iridian Asset Management LLC CT lifted its position in Cree by 24.7% in the 2nd quarter. Iridian Asset Management LLC CT now owns 3,817,011 shares of the LED producer’s stock valued at $158,673,000 after acquiring an additional 755,782 shares in the last quarter.

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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