Equities researchers at Williams Capital started coverage on shares of Cree Inc. (NASDAQ:CREE) in a report released on Friday. The brokerage set a “hold” rating and a $23.00 price target on the LED producer’s stock. Williams Capital’s price objective points to a potential downside of 9.91% from the stock’s previous close.
Several other research firms have also commented on CREE. Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Cree in a research note on Thursday, August 18th. Cowen and Company reissued a “hold” rating on shares of Cree in a research note on Sunday, July 17th. Deutsche Bank AG increased their target price on shares of Cree from $23.00 to $26.00 and gave the company a “hold” rating in a research note on Friday, July 15th. Canaccord Genuity reissued a “hold” rating and set a $24.00 target price (up from $19.00) on shares of Cree in a research note on Sunday, July 17th. Finally, Zacks Investment Research raised shares of Cree from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 7th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $32.67.
Cree (NASDAQ:CREE) opened at 25.53 on Friday. The firm’s market cap is $2.57 billion. Cree has a one year low of $22.10 and a one year high of $32.92. The firm has a 50 day moving average of $24.61 and a 200-day moving average of $25.36.
Cree (NASDAQ:CREE) last released its earnings results on Tuesday, August 16th. The LED producer reported $0.19 EPS for the quarter, missing the consensus estimate of $0.20 by $0.01. Cree had a negative net margin of 1.25% and a positive return on equity of 1.81%. The business had revenue of $388.40 million for the quarter, compared to analyst estimates of $385.83 million. During the same period in the prior year, the company earned ($0.19) earnings per share. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. Equities research analysts forecast that Cree will post $0.56 EPS for the current fiscal year.
In other Cree news, Director John B. Replogle purchased 5,000 shares of the company’s stock in a transaction dated Thursday, August 18th. The shares were bought at an average price of $23.33 per share, for a total transaction of $116,650.00. Following the purchase, the director now directly owns 35,123 shares in the company, valued at approximately $819,419.59. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC raised its position in shares of Cree by 2.9% in the first quarter. Geode Capital Management LLC now owns 677,395 shares of the LED producer’s stock valued at $19,712,000 after buying an additional 18,947 shares during the period. Fairfield Bush & CO. raised its position in shares of Cree by 15.5% in the first quarter. Fairfield Bush & CO. now owns 24,553 shares of the LED producer’s stock valued at $714,000 after buying an additional 3,300 shares during the period. Primecap Management Co. CA raised its position in shares of Cree by 0.3% in the first quarter. Primecap Management Co. CA now owns 9,357,041 shares of the LED producer’s stock valued at $272,290,000 after buying an additional 23,400 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Cree by 83.6% in the first quarter. Canada Pension Plan Investment Board now owns 264,243 shares of the LED producer’s stock valued at $7,689,000 after buying an additional 120,300 shares during the period. Finally, Royce & Associates LP raised its position in shares of Cree by 2.1% in the first quarter. Royce & Associates LP now owns 273,700 shares of the LED producer’s stock valued at $7,965,000 after buying an additional 5,500 shares during the period. 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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