Cree Inc. (NASDAQ:CREE)‘s stock had its “hold” rating reiterated by equities research analysts at Canaccord Genuity in a research note issued on Friday.
Other equities research analysts have also issued reports about the stock. Needham & Company LLC reissued a “hold” rating on shares of Cree in a report on Sunday, July 17th. Cowen and Company reissued a “hold” rating on shares of Cree in a report on Sunday, July 17th. Goldman Sachs Group Inc. dropped their price objective on shares of Cree from $20.00 to $18.00 and set a “sell” rating on the stock in a report on Wednesday, August 17th. Zacks Investment Research raised shares of Cree from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 7th. Finally, Deutsche Bank AG boosted their price objective on shares of Cree from $23.00 to $26.00 and gave the company a “hold” rating in a report on Friday, July 15th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. Cree has a consensus rating of “Hold” and an average price target of $33.36.
Shares of Cree (NASDAQ:CREE) opened at 24.89 on Friday. Cree has a one year low of $22.10 and a one year high of $32.92. The company’s market capitalization is $2.51 billion. The stock has a 50 day moving average price of $24.94 and a 200 day moving average price of $25.51.
Cree (NASDAQ:CREE) last announced its quarterly earnings data on Tuesday, August 16th. The LED producer reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by $0.01. The company had revenue of $388.40 million for the quarter, compared to analysts’ expectations of $385.83 million. Cree had a negative net margin of 1.25% and a positive return on equity of 1.81%. Cree’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.19) earnings per share. On average, equities research analysts predict that Cree will post $0.56 earnings per share for the current year.
In other Cree news, Director John B. Replogle acquired 5,000 shares of the business’s stock in a transaction on Thursday, August 18th. The stock was bought at an average price of $23.33 per share, for a total transaction of $116,650.00. Following the acquisition, the director now owns 35,123 shares in the company, valued at $819,419.59. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.30% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Mason Street Advisors LLC acquired a new stake in Cree during the second quarter worth approximately $1,119,000. Royal Bank of Canada increased its stake in Cree by 581.8% in the second quarter. Royal Bank of Canada now owns 98,212 shares of the LED producer’s stock worth $2,401,000 after buying an additional 83,807 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in Cree by 7.0% in the second quarter. Public Employees Retirement System of Ohio now owns 24,132 shares of the LED producer’s stock worth $590,000 after buying an additional 1,577 shares during the last quarter. Perigon Wealth Management LLC increased its stake in Cree by 2,834.8% in the second quarter. Perigon Wealth Management LLC now owns 7,337 shares of the LED producer’s stock worth $179,000 after buying an additional 7,087 shares during the last quarter. Finally, Amalgamated Bank increased its stake in Cree by 19.9% in the second quarter. Amalgamated Bank now owns 14,928 shares of the LED producer’s stock worth $415,000 after buying an additional 2,476 shares during the last quarter. Institutional investors own 83.26% of the company’s stock.
Cree Company Profile
Cree, Inc is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company’s products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems.
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