Zacks: Brokerages Anticipate Cray Inc. (CRAY) Will Post Quarterly Sales of $50.10 Million

Wall Street brokerages forecast that Cray Inc. (NASDAQ:CRAY) will report $50.10 million in sales for the current quarter, Zacks reports. Two analysts have issued estimates for Cray’s earnings, with the highest sales estimate coming in at $50.20 million and the lowest estimate coming in at $50.00 million. Cray posted sales of $59.03 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 15.1%. The company is expected to report its next earnings results on Tuesday, May 1st.

On average, analysts expect that Cray will report full year sales of $50.10 million for the current year, with estimates ranging from $440.54 million to $443.00 million. For the next fiscal year, analysts forecast that the company will post sales of $546.00 million per share, with estimates ranging from $520.00 million to $572.00 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover Cray.

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Cray (NASDAQ:CRAY) last posted its quarterly earnings results on Thursday, February 15th. The technology company reported $0.22 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.22. The business had revenue of $166.60 million during the quarter, compared to analyst estimates of $164.03 million. Cray had a negative net margin of 34.10% and a negative return on equity of 8.51%. The company’s quarterly revenue was down 51.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.38 EPS.

CRAY has been the topic of several recent research reports. Zacks Investment Research downgraded shares of Cray from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 16th. TheStreet downgraded shares of Cray from a “c-” rating to a “d” rating in a research report on Friday, March 2nd. BidaskClub downgraded shares of Cray from a “hold” rating to a “sell” rating in a research report on Thursday, December 7th. KeyCorp restated a “buy” rating and set a $31.00 price target on shares of Cray in a research report on Friday, January 19th. Finally, Craig Hallum set a $30.00 price target on shares of Cray and gave the stock a “buy” rating in a research report on Tuesday, March 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $27.33.

Shares of CRAY stock traded down $0.30 during trading hours on Friday, reaching $20.90. 386,741 shares of the company traded hands, compared to its average volume of 349,225. The company has a market cap of $860.11, a P/E ratio of -6.30 and a beta of 1.57. Cray has a 12-month low of $16.50 and a 12-month high of $26.65.

In other news, SVP Michael Charles Piraino sold 17,500 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $22.02, for a total value of $385,350.00. Following the completion of the sale, the senior vice president now directly owns 59,884 shares in the company, valued at $1,318,645.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Peter J. Ungaro sold 80,000 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $22.14, for a total transaction of $1,771,200.00. Following the completion of the sale, the chief executive officer now owns 342,207 shares of the company’s stock, valued at $7,576,462.98. The disclosure for this sale can be found here. Insiders sold 116,400 shares of company stock valued at $2,572,539 over the last quarter. Corporate insiders own 4.00% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in shares of Cray by 15.5% in the third quarter. Dimensional Fund Advisors LP now owns 2,264,358 shares of the technology company’s stock worth $44,042,000 after buying an additional 304,378 shares during the last quarter. NWQ Investment Management Company LLC increased its holdings in Cray by 66.7% in the 3rd quarter. NWQ Investment Management Company LLC now owns 1,475,548 shares of the technology company’s stock valued at $28,699,000 after buying an additional 590,325 shares during the period. Bank of New York Mellon Corp increased its holdings in Cray by 3.2% in the 4th quarter. Bank of New York Mellon Corp now owns 1,352,601 shares of the technology company’s stock valued at $32,733,000 after buying an additional 41,513 shares during the period. Victory Capital Management Inc. increased its holdings in Cray by 6.1% in the 4th quarter. Victory Capital Management Inc. now owns 959,960 shares of the technology company’s stock valued at $23,231,000 after buying an additional 55,320 shares during the period. Finally, State Street Corp increased its holdings in Cray by 4.2% in the 2nd quarter. State Street Corp now owns 949,790 shares of the technology company’s stock valued at $17,473,000 after buying an additional 38,502 shares during the period. Institutional investors and hedge funds own 97.10% of the company’s stock.

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About Cray

Cray Inc is engaged in designing, developing, manufacturing, marketing and servicing the high performance computing (HPC) market, primarily categories of systems known as supercomputers. The Company’s segments include Supercomputing, Storage and Data Management, Maintenance and Support, and Engineering Services and Other.

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