Cree, Inc. (NASDAQ:CREE)‘s stock had its “buy” rating reissued by research analysts at Roth Capital in a research note issued to investors on Tuesday. They presently have a $29.00 price objective on the LED producer’s stock, up from their prior price objective of $27.00. Roth Capital’s target price suggests a potential upside of 18.66% from the company’s current price.
A number of other research analysts have also recently issued reports on the stock. J P Morgan Chase & Co restated a “neutral” rating and set a $26.00 price objective (up previously from $25.00) on shares of Cree in a report on Monday, June 5th. JMP Securities upgraded shares of Cree from a “market perform” rating to an “outperform” rating and upped their price target for the company from $23.81 to $29.00 in a report on Monday, May 22nd. TheStreet cut shares of Cree from a “c-” rating to a “d+” rating in a report on Wednesday, May 17th. Zacks Investment Research cut shares of Cree from a “hold” rating to a “strong sell” rating in a report on Monday, May 1st. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $24.00 price target (down previously from $28.00) on shares of Cree in a report on Saturday, April 29th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. Cree presently has a consensus rating of “Hold” and an average target price of $25.63.
Shares of Cree (NASDAQ CREE) opened at 24.44 on Tuesday. Cree has a 52-week low of $20.75 and a 52-week high of $31.64. The stock’s market cap is $2.38 billion. The firm has a 50-day moving average of $23.56 and a 200-day moving average of $25.78.
Cree (NASDAQ:CREE) last issued its quarterly earnings data on Tuesday, April 25th. The LED producer reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.09 by $0.20. The firm had revenue of $341.51 million for the quarter, compared to analyst estimates of $339.41 million. Cree had a negative net margin of 7.36% and a positive return on equity of 0.33%. The firm’s revenue for the quarter was down 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.17 EPS. On average, equities analysts expect that Cree will post $0.48 EPS for the current fiscal year.
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In other Cree news, Director John B. Replogle bought 10,000 shares of Cree stock in a transaction that occurred on Thursday, April 27th. The stock was acquired at an average price of $22.11 per share, for a total transaction of $221,100.00. Following the completion of the acquisition, the director now owns 64,043 shares of the company’s stock, valued at approximately $1,415,990.73. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Cree during the fourth quarter valued at approximately $14,662,000. Thrivent Financial for Lutherans boosted its position in shares of Cree by 7.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 16,930 shares of the LED producer’s stock valued at $447,000 after buying an additional 1,180 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Cree by 11.3% in the first quarter. Wells Fargo & Company MN now owns 895,305 shares of the LED producer’s stock valued at $23,932,000 after buying an additional 90,630 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of Cree by 5.6% in the fourth quarter. Teachers Advisors LLC now owns 107,133 shares of the LED producer’s stock valued at $2,827,000 after buying an additional 5,650 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Cree during the fourth quarter valued at approximately $930,000. Institutional investors and hedge funds own 86.11% of the company’s stock.
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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