Cray (NASDAQ:CRAY) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Cray (NASDAQ:CRAY) from a hold rating to a sell rating in a research note published on Friday morning, Zacks.com reports.

According to Zacks, “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. The Supercomputing segment includes a suite of supercomputer systems, which are used by engineering centers in universities, government laboratories, and commercial institutions. The Storage and Data Management segment includes Cray Data Warp and Sonexion, as well as other third-party storage products and their ongoing maintenance and system analysts. The Maintenance and Support segment provides ongoing maintenance of Cray supercomputers, big data storage and analytics systems, as well as system analysts. The Engineering Services and Other segment include the Company’s analytics business and Custom Engineering. “

Several other brokerages also recently commented on CRAY. BidaskClub upgraded shares of Cray from a sell rating to a hold rating in a report on Wednesday, August 7th. TheStreet downgraded shares of Cray from a c- rating to a d rating in a report on Friday, August 2nd. Wells Fargo & Co downgraded shares of Cray from an outperform rating to a market perform rating in a report on Friday, May 17th. ValuEngine upgraded shares of Cray from a buy rating to a strong-buy rating in a report on Saturday, May 18th. Finally, Craig Hallum downgraded shares of Cray from a buy rating to a hold rating in a report on Friday, May 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $33.00.

Shares of CRAY stock opened at $34.60 on Friday. The firm has a 50-day moving average price of $34.65. The stock has a market capitalization of $1.43 billion, a P/E ratio of -24.37 and a beta of 0.84. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.62 and a current ratio of 2.89. Cray has a one year low of $18.76 and a one year high of $36.64.

Cray (NASDAQ:CRAY) last announced its earnings results on Friday, August 2nd. The technology company reported ($0.75) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.63) by ($0.12). The firm had revenue of $68.70 million during the quarter, compared to analysts’ expectations of $72.15 million. Cray had a negative net margin of 27.17% and a negative return on equity of 26.31%. On average, equities research analysts predict that Cray will post -2.05 earnings per share for the current year.

In related news, CFO Brian C. Henry sold 3,591 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $30.00, for a total transaction of $107,730.00. Following the completion of the transaction, the chief financial officer now owns 66,955 shares in the company, valued at $2,008,650. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Brian C. Henry sold 52,409 shares of the stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $31.66, for a total transaction of $1,659,268.94. Following the transaction, the vice president now owns 31,475 shares of the company’s stock, valued at approximately $996,498.50. The disclosure for this sale can be found here. 4.00% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quantamental Technologies LLC grew its position in Cray by 1,027.8% during the first quarter. Quantamental Technologies LLC now owns 3,767 shares of the technology company’s stock valued at $98,000 after buying an additional 3,433 shares during the period. Bank of Montreal Can boosted its position in Cray by 609.2% during the second quarter. Bank of Montreal Can now owns 4,482 shares of the technology company’s stock worth $156,000 after purchasing an additional 3,850 shares during the period. Everence Capital Management Inc. bought a new position in Cray during the second quarter worth about $242,000. Municipal Employees Retirement System of Michigan bought a new position in Cray during the fourth quarter worth about $255,000. Finally, Piedmont Investment Advisors Inc. boosted its position in Cray by 5.4% during the first quarter. Piedmont Investment Advisors Inc. now owns 10,239 shares of the technology company’s stock worth $267,000 after purchasing an additional 529 shares during the period. Institutional investors own 97.52% of the company’s stock.

About Cray

Cray Inc, together with its subsidiaries, designs, develops, manufactures, markets, and services computing products for high-performance computing, data analytics, and AI markets. It operates through Supercomputing, Storage and Data Management, Maintenance and Support, and Engineering Services and Other segments.

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