Cray Inc. (CRAY) Receives New Coverage from Analysts at Pacific Crest
Equities researchers at Pacific Crest assumed coverage on shares of Cray Inc. (NASDAQ:CRAY) in a research report issued to clients and investors on Thursday. The firm set an “overweight” rating and a $41.00 price target on the stock. Pacific Crest’s price target would indicate a potential upside of 79.35% from the company’s current price.
Other research analysts also recently issued research reports about the stock. Stifel Nicolaus restated a “buy” rating and set a $49.00 price objective on shares of Cray in a research report on Wednesday, May 25th. Sidoti raised shares of Cray from a “neutral” rating to a “buy” rating and set a $49.00 target price for the company in a report on Tuesday, April 19th. Craig Hallum cut shares of Cray from a “buy” rating to a “hold” rating and reduced their target price for the company from $40.00 to $34.00 in a report on Wednesday, May 4th. Needham & Company LLC cut shares of Cray from a “buy” rating to a “hold” rating in a research note on Wednesday, May 4th. Finally, Zacks Investment Research raised shares of Cray from a “sell” rating to a “hold” rating in a research note on Wednesday, April 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $39.43.
Shares of Cray (NASDAQ:CRAY) traded up 0.84% on Thursday, reaching $22.86. 445,874 shares of the company’s stock traded hands. The firm’s 50-day moving average is $23.92 and its 200-day moving average is $32.78. Cray has a 52-week low of $19.02 and a 52-week high of $43.79. The stock has a market cap of $910.08 million, a price-to-earnings ratio of 72.57 and a beta of 1.37.
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Cray (NASDAQ:CRAY) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.29) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.23) by $0.06. The company had revenue of $100.20 million for the quarter, compared to the consensus estimate of $101.36 million. Cray had a net margin of 1.96% and a return on equity of 5.72%. The firm’s revenue for the quarter was down 46.2% on a year-over-year basis. During the same quarter last year, the company earned $0.30 EPS. Analysts anticipate that Cray will post $0.45 EPS for the current fiscal year.
In other news, SVP Michael Charles Piraino sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $21.97, for a total value of $329,550.00. Following the completion of the sale, the senior vice president now owns 63,937 shares in the company, valued at approximately $1,404,695.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Fund Advisors raised its stake in Cray by 145.6% in the first quarter. BlackRock Fund Advisors now owns 2,520,569 shares of the company’s stock valued at $105,637,000 after buying an additional 1,494,255 shares during the period. Amerigo Asset Management purchased a new stake in Cray during the second quarter valued at about $24,099,000. Mairs & Power INC raised its stake in Cray by 37.8% in the second quarter. Mairs & Power INC now owns 2,857,936 shares of the company’s stock valued at $85,509,000 after buying an additional 784,327 shares during the period. Norges Bank purchased a new stake in Cray during the fourth quarter valued at about $16,931,000. Finally, Teachers Advisors Inc. raised its stake in Cray by 443.1% in the first quarter. Teachers Advisors Inc. now owns 512,147 shares of the company’s stock valued at $21,464,000 after buying an additional 417,852 shares during the period. Hedge funds and other institutional investors own 92.65% of the company’s stock.
Cray Inc designs, develops, manufactures, markets and services the high-end of the high performance computing (HPC) market, primarily categories of systems, known as supercomputers and provides storage and data analytics solutions. The Company provides software, system maintenance, support services and engineering services related to supercomputer systems.
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