Roth Capital restated their buy rating on shares of Cree, Inc. (NASDAQ:CREE) in a research note published on Tuesday. They currently have a $29.00 price target on the LED producer’s stock, up from their prior price target of $27.00.
Several other brokerages have also recently weighed in on CREE. Zacks Investment Research cut Cree from a buy rating to a hold rating in a report on Tuesday, March 28th. J P Morgan Chase & Co restated an overweight rating and set a $30.00 target price on shares of Cree in a report on Tuesday, February 21st. Cowen and Company restated a market perform rating on shares of Cree in a report on Wednesday, April 26th. Williams Capital dropped their target price on Cree from $27.00 to $25.00 and set a hold rating for the company in a report on Wednesday, April 26th. Finally, Canaccord Genuity restated a hold rating and set a $23.00 target price on shares of Cree in a report on Friday, April 21st. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $25.63.
Cree (CREE) traded up 0.48% during trading on Tuesday, hitting $24.95. The company had a trading volume of 94,085 shares. The company’s 50 day moving average price is $23.56 and its 200-day moving average price is $25.78. The stock’s market capitalization is $2.43 billion. Cree has a 1-year low of $20.75 and a 1-year high of $31.64.
Cree (NASDAQ:CREE) last issued its earnings results on Tuesday, April 25th. The LED producer reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.09 by $0.20. The company had revenue of $341.51 million for the quarter, compared to analysts’ expectations of $339.41 million. Cree had a negative net margin of 7.36% and a positive return on equity of 0.33%. The company’s revenue was down 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.17 earnings per share. On average, analysts expect that Cree will post $0.48 EPS for the current year.
In related news, Director John B. Replogle acquired 10,000 shares of Cree stock in a transaction that occurred on Thursday, April 27th. The stock was bought at an average price of $22.11 per share, with a total value of $221,100.00. Following the transaction, the director now directly owns 64,043 shares in the company, valued at $1,415,990.73. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new position in Cree during the fourth quarter worth $14,662,000. Thrivent Financial for Lutherans raised its position in Cree by 7.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 16,930 shares of the LED producer’s stock worth $447,000 after buying an additional 1,180 shares during the period. Wells Fargo & Company MN raised its position in Cree by 11.3% in the first quarter. Wells Fargo & Company MN now owns 895,305 shares of the LED producer’s stock worth $23,932,000 after buying an additional 90,630 shares during the period. Teachers Advisors LLC raised its position in Cree by 5.6% in the fourth quarter. Teachers Advisors LLC now owns 107,133 shares of the LED producer’s stock worth $2,827,000 after buying an additional 5,650 shares during the period. Finally, Quadrature Capital Ltd bought a new position in Cree during the fourth quarter worth $930,000. 86.11% of the stock is owned by institutional investors.
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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