Intrinsic value of Cray - CRAY

Previous Close

$24.46

  Intrinsic Value

$34.75

stock screener

  Rating & Target

buy

+42%

Previous close

$24.46

 
Intrinsic value

$34.75

 
Up/down potential

+42%

 
Rating

buy

We calculate the intrinsic value of CRAY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  38.00
  34.70
  31.73
  29.06
  26.65
  24.49
  22.54
  20.78
  19.21
  17.78
  16.51
  15.36
  14.32
  13.39
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
Revenue, $m
  542
  730
  961
  1,240
  1,571
  1,956
  2,396
  2,894
  3,450
  4,064
  4,735
  5,462
  6,244
  7,080
  7,969
  8,908
  9,899
  10,938
  12,027
  13,164
  14,351
  15,587
  16,872
  18,209
  19,599
  21,044
  22,544
  24,104
  25,726
  27,412
Variable operating expenses, $m
  371
  500
  658
  848
  1,074
  1,336
  1,637
  1,977
  2,356
  2,775
  3,230
  3,727
  4,260
  4,831
  5,437
  6,078
  6,754
  7,463
  8,206
  8,982
  9,791
  10,634
  11,512
  12,424
  13,372
  14,358
  15,382
  16,446
  17,552
  18,703
Fixed operating expenses, $m
  197
  202
  206
  211
  215
  220
  225
  230
  235
  240
  245
  251
  256
  262
  267
  273
  279
  286
  292
  298
  305
  312
  318
  325
  333
  340
  347
  355
  363
  371
Total operating expenses, $m
  568
  702
  864
  1,059
  1,289
  1,556
  1,862
  2,207
  2,591
  3,015
  3,475
  3,978
  4,516
  5,093
  5,704
  6,351
  7,033
  7,749
  8,498
  9,280
  10,096
  10,946
  11,830
  12,749
  13,705
  14,698
  15,729
  16,801
  17,915
  19,074
Operating income, $m
  -27
  28
  97
  182
  282
  400
  535
  688
  860
  1,049
  1,259
  1,485
  1,728
  1,988
  2,264
  2,557
  2,866
  3,190
  3,529
  3,884
  4,255
  4,641
  5,042
  5,460
  5,895
  6,346
  6,815
  7,303
  7,811
  8,339
EBITDA, $m
  -14
  46
  120
  210
  318
  443
  588
  752
  935
  1,138
  1,360
  1,602
  1,861
  2,139
  2,435
  2,748
  3,077
  3,424
  3,787
  4,166
  4,562
  4,974
  5,403
  5,850
  6,314
  6,796
  7,298
  7,819
  8,361
  8,925
Interest expense (income), $m
  0
  0
  4
  10
  17
  25
  35
  47
  60
  75
  92
  110
  130
  152
  176
  201
  227
  256
  285
  317
  349
  383
  419
  456
  495
  535
  577
  620
  665
  712
  760
Earnings before tax, $m
  -27
  24
  87
  165
  257
  364
  488
  628
  785
  958
  1,149
  1,354
  1,576
  1,812
  2,064
  2,330
  2,610
  2,904
  3,213
  3,535
  3,871
  4,222
  4,586
  4,965
  5,360
  5,770
  6,196
  6,638
  7,099
  7,578
Tax expense, $m
  0
  6
  24
  44
  69
  98
  132
  170
  212
  259
  310
  366
  425
  489
  557
  629
  705
  784
  867
  954
  1,045
  1,140
  1,238
  1,341
  1,447
  1,558
  1,673
  1,792
  1,917
  2,046
Net income, $m
  -27
  17
  64
  120
  187
  266
  356
  458
  573
  699
  839
  989
  1,150
  1,323
  1,506
  1,701
  1,905
  2,120
  2,345
  2,581
  2,826
  3,082
  3,348
  3,625
  3,913
  4,212
  4,523
  4,846
  5,182
  5,532

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  853
  1,149
  1,514
  1,953
  2,474
  3,080
  3,774
  4,558
  5,434
  6,400
  7,456
  8,601
  9,833
  11,150
  12,549
  14,029
  15,588
  17,226
  18,940
  20,731
  22,600
  24,546
  26,571
  28,676
  30,865
  33,139
  35,503
  37,959
  40,513
  43,168
Adjusted assets (=assets-cash), $m
  853
  1,149
  1,514
  1,953
  2,474
  3,080
  3,774
  4,558
  5,434
  6,400
  7,456
  8,601
  9,833
  11,150
  12,549
  14,029
  15,588
  17,226
  18,940
  20,731
  22,600
  24,546
  26,571
  28,676
  30,865
  33,139
  35,503
  37,959
  40,513
  43,168
Revenue / Adjusted assets
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
Average production assets, $m
  58
  78
  103
  133
  168
  209
  256
  310
  369
  435
  507
  584
  668
  758
  853
  953
  1,059
  1,170
  1,287
  1,409
  1,536
  1,668
  1,805
  1,948
  2,097
  2,252
  2,412
  2,579
  2,753
  2,933
Working capital, $m
  271
  365
  481
  620
  785
  978
  1,198
  1,447
  1,725
  2,032
  2,367
  2,731
  3,122
  3,540
  3,984
  4,454
  4,949
  5,469
  6,013
  6,582
  7,175
  7,793
  8,436
  9,105
  9,800
  10,522
  11,272
  12,052
  12,863
  13,706
Total debt, $m
  83
  187
  316
  471
  655
  869
  1,114
  1,391
  1,700
  2,041
  2,414
  2,818
  3,253
  3,717
  4,211
  4,734
  5,284
  5,862
  6,467
  7,100
  7,759
  8,446
  9,161
  9,904
  10,677
  11,480
  12,314
  13,181
  14,083
  15,020
Total liabilities, $m
  301
  406
  534
  690
  873
  1,087
  1,332
  1,609
  1,918
  2,259
  2,632
  3,036
  3,471
  3,936
  4,430
  4,952
  5,503
  6,081
  6,686
  7,318
  7,978
  8,665
  9,379
  10,123
  10,895
  11,698
  12,533
  13,400
  14,301
  15,238
Total equity, $m
  552
  743
  979
  1,264
  1,601
  1,993
  2,442
  2,949
  3,516
  4,141
  4,824
  5,565
  6,362
  7,214
  8,119
  9,077
  10,086
  11,145
  12,254
  13,413
  14,622
  15,881
  17,191
  18,554
  19,970
  21,441
  22,970
  24,560
  26,212
  27,930
Total liabilities and equity, $m
  853
  1,149
  1,513
  1,954
  2,474
  3,080
  3,774
  4,558
  5,434
  6,400
  7,456
  8,601
  9,833
  11,150
  12,549
  14,029
  15,589
  17,226
  18,940
  20,731
  22,600
  24,546
  26,570
  28,677
  30,865
  33,139
  35,503
  37,960
  40,513
  43,168
Debt-to-equity ratio
  0.150
  0.250
  0.320
  0.370
  0.410
  0.440
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.510
  0.520
  0.520
  0.520
  0.520
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.540
  0.540
  0.540
  0.540
  0.540
Adjusted equity ratio
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647
  0.647

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -27
  17
  64
  120
  187
  266
  356
  458
  573
  699
  839
  989
  1,150
  1,323
  1,506
  1,701
  1,905
  2,120
  2,345
  2,581
  2,826
  3,082
  3,348
  3,625
  3,913
  4,212
  4,523
  4,846
  5,182
  5,532
Depreciation, amort., depletion, $m
  13
  17
  22
  28
  35
  44
  53
  64
  76
  89
  101
  117
  134
  152
  171
  191
  212
  234
  257
  282
  307
  334
  361
  390
  419
  450
  482
  516
  551
  587
Funds from operations, $m
  -14
  35
  86
  149
  223
  310
  409
  522
  648
  788
  940
  1,106
  1,284
  1,474
  1,677
  1,891
  2,117
  2,354
  2,603
  2,862
  3,133
  3,415
  3,709
  4,014
  4,332
  4,662
  5,005
  5,362
  5,733
  6,119
Change in working capital, $m
  75
  94
  116
  140
  165
  192
  220
  249
  278
  307
  335
  364
  391
  418
  444
  470
  495
  520
  544
  569
  593
  618
  643
  669
  695
  722
  750
  780
  811
  843
Cash from operations, $m
  -88
  -59
  -30
  9
  58
  117
  189
  273
  370
  481
  605
  742
  893
  1,056
  1,233
  1,421
  1,622
  1,834
  2,058
  2,294
  2,540
  2,797
  3,066
  3,346
  3,637
  3,940
  4,255
  4,582
  4,922
  5,276
Maintenance CAPEX, $m
  -8
  -12
  -16
  -21
  -27
  -34
  -42
  -51
  -62
  -74
  -87
  -101
  -117
  -134
  -152
  -171
  -191
  -212
  -234
  -257
  -282
  -307
  -334
  -361
  -390
  -419
  -450
  -482
  -516
  -551
New CAPEX, $m
  -16
  -20
  -25
  -30
  -35
  -41
  -47
  -53
  -59
  -66
  -72
  -78
  -84
  -89
  -95
  -101
  -106
  -111
  -116
  -122
  -127
  -132
  -138
  -143
  -149
  -155
  -161
  -167
  -174
  -180
Cash from investing activities, $m
  -24
  -32
  -41
  -51
  -62
  -75
  -89
  -104
  -121
  -140
  -159
  -179
  -201
  -223
  -247
  -272
  -297
  -323
  -350
  -379
  -409
  -439
  -472
  -504
  -539
  -574
  -611
  -649
  -690
  -731
Free cash flow, $m
  -112
  -91
  -70
  -42
  -4
  42
  100
  169
  249
  342
  446
  563
  692
  833
  986
  1,150
  1,325
  1,511
  1,708
  1,915
  2,131
  2,358
  2,595
  2,842
  3,099
  3,366
  3,644
  3,933
  4,233
  4,545
Issuance/(repayment) of debt, $m
  83
  104
  129
  155
  184
  214
  245
  277
  309
  341
  373
  404
  435
  465
  494
  522
  550
  578
  605
  632
  660
  687
  715
  743
  773
  803
  834
  867
  901
  937
Issuance/(repurchase) of shares, $m
  179
  174
  172
  164
  149
  126
  93
  49
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  262
  278
  301
  319
  333
  340
  338
  326
  309
  341
  373
  404
  435
  465
  494
  522
  550
  578
  605
  632
  660
  687
  715
  743
  773
  803
  834
  867
  901
  937
Total cash flow (excl. dividends), $m
  149
  188
  231
  278
  329
  382
  438
  495
  558
  683
  819
  967
  1,127
  1,298
  1,480
  1,673
  1,876
  2,089
  2,313
  2,547
  2,791
  3,045
  3,310
  3,585
  3,871
  4,169
  4,478
  4,800
  5,134
  5,482
Retained Cash Flow (-), $m
  -179
  -192
  -236
  -285
  -337
  -392
  -449
  -507
  -566
  -625
  -684
  -741
  -797
  -852
  -905
  -958
  -1,009
  -1,059
  -1,109
  -1,159
  -1,209
  -1,259
  -1,310
  -1,362
  -1,416
  -1,472
  -1,529
  -1,589
  -1,652
  -1,718
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -30
  -4
  -5
  -6
  -8
  -10
  -11
  -13
  -8
  57
  135
  226
  330
  446
  575
  715
  867
  1,030
  1,204
  1,388
  1,582
  1,786
  2,000
  2,223
  2,455
  2,697
  2,949
  3,210
  3,482
  3,764
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -28
  -3
  -4
  -5
  -6
  -7
  -8
  -8
  -5
  30
  64
  97
  125
  150
  169
  182
  189
  190
  185
  176
  164
  148
  131
  113
  96
  79
  63
  50
  38
  28
Current shareholders' claim on cash, %
  84.8
  75.3
  68.9
  64.6
  61.6
  59.8
  58.7
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2

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 includes the Company's analytics business and Custom Engineering.

FINANCIAL RATIOS  of  Cray (CRAY)

Valuation Ratios
P/E Ratio 90.6
Price to Sales 1.6
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow -19.2
Price to Free Cash Flow -16.6
Growth Rates
Sales Growth Rate -13.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.3%
Cap. Spend. - 3 Yr. Gr. Rate -9.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 2.2%
Ret/ On T. Cap. - 3 Yr. Avg. 7.7%
Return On Equity 2.2%
Return On Equity - 3 Yr. Avg. 7.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 34.9%
Gross Margin - 3 Yr. Avg. 32.9%
EBITDA Margin 4%
EBITDA Margin - 3 Yr. Avg. 5.6%
Operating Margin 1.4%
Oper. Margin - 3 Yr. Avg. 3%
Pre-Tax Margin 1.6%
Pre-Tax Margin - 3 Yr. Avg. 3.1%
Net Profit Margin 1.7%
Net Profit Margin - 3 Yr. Avg. 5.5%
Effective Tax Rate -10%
Eff/ Tax Rate - 3 Yr. Avg. -165%
Payout Ratio 0%

CRAY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CRAY stock intrinsic value calculation we used $392.509 million for the last fiscal year's total revenue generated by Cray. The default revenue input number comes from 0001 income statement of Cray. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CRAY stock valuation model: a) initial revenue growth rate of 38% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CRAY is calculated based on our internal credit rating of Cray, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cray.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CRAY stock the variable cost ratio is equal to 68.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $193 million in the base year in the intrinsic value calculation for CRAY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Cray.

Corporate tax rate of 27% is the nominal tax rate for Cray. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CRAY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CRAY are equal to 10.7%.

Life of production assets of 3 years is the average useful life of capital assets used in Cray operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CRAY is equal to 50%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $400.297 million for Cray - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 40.827 million for Cray is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cray at the current share price and the inputted number of shares is $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Cray: 3Q Earnings Snapshot   [06:54PM  Associated Press]
▶ Cray Keeps Haas F1 Team on Right Track   [Oct-17-18 09:00AM  GlobeNewswire]
▶ 3 Big Data Stocks to Buy That Fly Under the Radar   [Sep-25-18 03:35PM  InvestorPlace]
▶ Cray: 2Q Earnings Snapshot   [05:51PM  Associated Press]
▶ Cray Inc. to Host Earnings Call   [02:30PM  ACCESSWIRE]
▶ Why Cray Inc. Stock Jumped Wednesday   [May-02-18 01:30PM  Motley Fool]
▶ Cray: 1Q Earnings Snapshot   [May-01-18 04:12PM  Associated Press]
▶ Cray to Present at Two Upcoming Investor Conferences   [Feb-22-18 04:05PM  GlobeNewswire]
▶ Cray reports 4Q loss   [Feb-15-18 05:38PM  Associated Press]
▶ What Is Cray Incs (NASDAQ:CRAY) Financial Position?   [Feb-06-18 10:49AM  Simply Wall St.]
▶ 6 Stocks With Recent Price Strength to Enhance Your Returns   [Jan-30-18 01:55PM  InvestorPlace]
▶ Cray Announces Selected Preliminary 2017 Financial Results   [Jan-16-18 08:30AM  GlobeNewswire]
▶ Cray to Present at 2018 Needham Growth Conference   [Jan-11-18 07:17PM  GlobeNewswire]
▶ ETFs with exposure to Cray, Inc. : December 19, 2017   [Dec-19-17 12:34PM  Capital Cube]
▶ Cray Appoints Catriona Fallon to Board of Directors   [Dec-18-17 04:05PM  GlobeNewswire]
▶ Cray Wins Four HPCwire Awards   [Nov-15-17 03:01AM  GlobeNewswire]
▶ ETFs with exposure to Cray, Inc. : November 14, 2017   [Nov-14-17 02:09PM  Capital Cube]
▶ Should You Sell Cray Inc (CRAY) At $19.25?   [Nov-13-17 11:45AM  Simply Wall St.]
▶ ETFs with exposure to Cray, Inc. : November 3, 2017   [Nov-03-17 12:04PM  Capital Cube]
▶ Cray reports 3Q loss   [Oct-30-17 05:23PM  Associated Press]
▶ Cray Inc. to Host Earnings Call   [10:00AM  ACCESSWIRE]
▶ Cray and Microsoft Bring Supercomputing to Microsoft Azure   [Oct-23-17 09:01AM  GlobeNewswire]
▶ 8 Ways To Play The AI Boom   [Sep-26-17 09:24AM  Benzinga]
▶ ETFs with exposure to Cray, Inc. : August 17, 2017   [Aug-17-17 03:22PM  Capital Cube]
▶ Cray reports 2Q loss   [Jul-28-17 08:04PM  Associated Press]
▶ Cray Inc. Reports Second Quarter 2017 Financial Results   [Jul-27-17 04:05PM  GlobeNewswire]

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