Brokerages Anticipate Cree, Inc. (NASDAQ:CREE) Will Post Quarterly Sales of $121.56 Million


Share on StockTwits

Brokerages predict that Cree, Inc. (NASDAQ:CREE) will announce $121.56 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Cree’s earnings, with the highest sales estimate coming in at $122.00 million and the lowest estimate coming in at $121.28 million. Cree posted sales of $239.90 million in the same quarter last year, which would suggest a negative year over year growth rate of 49.3%. The company is expected to announce its next earnings results on Wednesday, February 3rd.

According to Zacks, analysts expect that Cree will report full-year sales of $601.57 million for the current financial year, with estimates ranging from $582.70 million to $618.02 million. For the next financial year, analysts expect that the business will post sales of $659.42 million, with estimates ranging from $534.50 million to $803.55 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Cree.

Cree (NASDAQ:CREE) last issued its quarterly earnings results on Wednesday, October 28th. The LED producer reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.02. The company had revenue of $216.60 million for the quarter, compared to analysts’ expectations of $209.26 million. Cree had a negative return on equity of 5.94% and a negative net margin of 38.54%. During the same period last year, the firm earned ($0.03) EPS.

Several equities analysts have recently weighed in on the stock. Charter Equity restated a “market perform” rating on shares of Cree in a research report on Monday, October 26th. Wells Fargo & Company reduced their target price on shares of Cree from $75.00 to $65.00 and set an “equal weight” rating for the company in a report on Thursday, October 29th. Piper Sandler decreased their price target on shares of Cree from $73.00 to $68.00 and set a “neutral” rating on the stock in a research report on Thursday, October 29th. Roth Capital cut their price objective on Cree from $75.00 to $65.00 and set a “neutral” rating for the company in a research report on Thursday, October 29th. Finally, The Goldman Sachs Group lifted their target price on Cree from $67.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday, December 29th. Eleven analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $75.27.

Shares of Cree stock opened at $119.59 on Thursday. The company has a current ratio of 4.33, a quick ratio of 3.78 and a debt-to-equity ratio of 0.42. The company’s 50-day moving average price is $100.07 and its two-hundred day moving average price is $74.94. Cree has a 52 week low of $27.77 and a 52 week high of $123.42. The stock has a market cap of $13.20 billion, a PE ratio of -38.58 and a beta of 1.43.

In related news, Director Thomas H. Werner sold 10,000 shares of the stock in a transaction on Monday, November 30th. The stock was sold at an average price of $91.02, for a total transaction of $910,200.00. Following the completion of the sale, the director now directly owns 61,315 shares in the company, valued at $5,580,891.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John B. Replogle sold 15,000 shares of Cree stock in a transaction on Friday, October 30th. The shares were sold at an average price of $62.86, for a total value of $942,900.00. Following the sale, the director now directly owns 70,670 shares of the company’s stock, valued at approximately $4,442,316.20. The disclosure for this sale can be found here. Insiders have sold 29,000 shares of company stock worth $2,135,460 in the last quarter. 0.36% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. ProShare Advisors LLC grew its stake in shares of Cree by 1.0% in the 3rd quarter. ProShare Advisors LLC now owns 16,966 shares of the LED producer’s stock valued at $1,081,000 after buying an additional 160 shares in the last quarter. Captrust Financial Advisors raised its position in Cree by 5.6% during the third quarter. Captrust Financial Advisors now owns 3,071 shares of the LED producer’s stock valued at $202,000 after acquiring an additional 162 shares in the last quarter. Eqis Capital Management Inc. lifted its stake in Cree by 3.0% in the third quarter. Eqis Capital Management Inc. now owns 6,550 shares of the LED producer’s stock valued at $417,000 after acquiring an additional 191 shares during the last quarter. Louisiana State Employees Retirement System grew its position in Cree by 0.7% in the fourth quarter. Louisiana State Employees Retirement System now owns 27,600 shares of the LED producer’s stock worth $2,923,000 after acquiring an additional 200 shares in the last quarter. Finally, Profund Advisors LLC grew its position in Cree by 2.3% in the third quarter. Profund Advisors LLC now owns 9,539 shares of the LED producer’s stock worth $608,000 after acquiring an additional 210 shares in the last quarter.

About Cree

Cree, Inc provides lighting-class light emitting diode (LED) and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, and internationally. It operates in two segments, Wolfspeed and LED Products. The Wolfspeed segment offers silicon carbide (SiC) materials for RF, power switching, gemstones, and other applications.

Featured Story: How is diluted EPS different from basic EPS?

Get a free copy of the Zacks research report on Cree (CREE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Cree Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree and related companies with MarketBeat.com's FREE daily email newsletter.