Zacks Investment Research Upgrades Cray Inc (CRAY) to “Hold”

Zacks Investment Research upgraded shares of Cray Inc (NASDAQ:CRAY) from a sell rating to a hold rating in a research note published on Tuesday morning.

According to Zacks, “Cray Inc., formerly Tera Computer Company, designs, builds and sells high-performance vector processor and general-purpose parallel computer systems. The company has leading edge technology, multiple product platforms, annual revenues, nearly 900 employees, major manufacturing and service capabilities, and extensive global customer relationships. (PRESS RELEASE) “

Other equities research analysts have also issued reports about the stock. TheStreet lowered shares of Cray from a c rating to a d+ rating in a report on Wednesday, May 3rd. Needham & Company LLC reaffirmed a buy rating and set a $23.00 price target (down from $25.00) on shares of Cray in a report on Wednesday, May 3rd. Finally, ValuEngine raised shares of Cray from a strong sell rating to a sell rating in a report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $32.25.

Shares of Cray (CRAY) opened at 17.50 on Tuesday. The stock’s market capitalization is $700.19 million. The stock’s 50 day moving average is $17.98 and its 200 day moving average is $19.24. Cray has a 52-week low of $16.10 and a 52-week high of $32.30.

Cray (NASDAQ:CRAY) last released its quarterly earnings results on Tuesday, May 2nd. The technology company reported ($0.71) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.50) by $0.21. The firm had revenue of $59.03 million for the quarter, compared to analyst estimates of $56.60 million. Cray had a negative net margin of 0.61% and a negative return on equity of 2.02%. Equities research analysts expect that Cray will post ($1.09) earnings per share for the current fiscal year.

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In other Cray news, Director Stephen C. Kiely sold 2,000 shares of the stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $18.55, for a total transaction of $37,100.00. Following the transaction, the director now directly owns 20,675 shares in the company, valued at approximately $383,521.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of CRAY. Louisiana State Employees Retirement System increased its position in Cray by 1.2% in the first quarter. Louisiana State Employees Retirement System now owns 16,600 shares of the technology company’s stock worth $364,000 after buying an additional 200 shares during the period. Arizona State Retirement System increased its position in Cray by 1.0% in the first quarter. Arizona State Retirement System now owns 21,200 shares of the technology company’s stock worth $464,000 after buying an additional 200 shares during the period. Mason Street Advisors LLC increased its position in Cray by 7.0% in the first quarter. Mason Street Advisors LLC now owns 9,525 shares of the technology company’s stock worth $209,000 after buying an additional 621 shares during the period. US Bancorp DE increased its position in Cray by 5.6% in the first quarter. US Bancorp DE now owns 13,166 shares of the technology company’s stock worth $289,000 after buying an additional 700 shares during the period. Finally, Legal & General Group Plc increased its position in Cray by 1.0% in the first quarter. Legal & General Group Plc now owns 70,704 shares of the technology company’s stock worth $1,548,000 after buying an additional 734 shares during the period. Hedge funds and other institutional investors own 94.83% of the company’s stock.

Cray Company Profile

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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