Cray Inc. (NASDAQ:CRAY) Lundin Law PC announces that it is investigating claims against Cray Inc. concerning possible violations of federal securities laws.
The investigation concerns Cray’s August 2, 2016 announcement of disappointing Second Quarter 2016 financial results. Cray also announced a change in its expected outlook for 2016 based on an electrical smoke event caused by a failed manufacturing facility power component that would delay its ability to deliver some of its customer contracts. When this news was announced, shares of Cray dropped in value.
Cray Equity Analysis
Cray Inc. (NASDAQ:CRAY) opened trading today as $24.52 and is trading in the range of 23.25-25.32 today. Cray’s current market cap stands at $976.19 Million.
Cray is currently covered by 5 Wall Street analysts. The mean target price is $33.25 according to First Call. This presents a solid upside to the current price of the equity. The Mean Recommendation sits at 2.0 which is based on 2 Strong Buy, 1 Buy and 2 Hold ratings.
The most recent analyst actions consisted of Craig Hallum initiating the stock on May 5th
The current quarter EPS consensus estimate is -0.34 with revenue estimates of 79.53M. Sales are expected to drop at a 58.50% rate. Cray reported actual earnings last quarter of -0.29 which fails to beat the -0.25 consensus estimate, a -16.00% surprise.
Cray Inc., together with its subsidiaries, designs, develops, manufactures, markets, and services high-performance computing (HPC) systems. The company operates through Supercomputing, Storage and Data Management, Maintenance and Support, and Engineering Services and Other segments. It offers a range of supercomputing systems, including the Cray XC40, CS400-AC, CS400-LC, and CS-Storm supercomputers. The company also provides analytics products comprising Urika-GD Graph Discovery Appliance, which addresses the interactive data discovery with graphs; and Urika-XA Extreme Analytics Platform used for production-class data analytics workloads. In addition, it offers storage and data management solutions, such as the Cray Sonexion storage product line that embeds the Lustre parallel file system and other software in an optimal configuration; and Cray Tiered Adaptive Storage, a flexible storage and archiving solution, which allows customers to transparently move data among fast, primary, and archival tiers.