Shares of Cree Inc. (NASDAQ:CREE) have been given an average rating of “Hold” by the twenty-two research firms that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a sell rating, twelve have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have covered the stock in the last year is $38.28.
A number of analysts have recently commented on CREE shares. Zacks Investment Research cut shares of Cree from a “hold” rating to a “sell” rating in a report on Monday, January 29th. Deutsche Bank set a $45.00 target price on shares of Cree and gave the company a “buy” rating in a report on Wednesday, January 24th. Goldman Sachs upgraded shares of Cree from a “sell” rating to a “neutral” rating and boosted their target price for the company from $39.00 to $41.76 in a report on Wednesday, March 7th. BidaskClub upgraded shares of Cree from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 17th. Finally, Roth Capital cut shares of Cree from a “buy” rating to a “neutral” rating and set a $35.00 target price on the stock. in a report on Tuesday, January 23rd.
In related news, insider Michael E. Mcdevitt sold 7,000 shares of the company’s stock in a transaction dated Thursday, April 26th. The shares were sold at an average price of $39.36, for a total value of $275,520.00. Following the transaction, the insider now owns 169,924 shares in the company, valued at approximately $6,688,208.64. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.10% of the company’s stock.
A number of institutional investors have recently made changes to their positions in CREE. Iridian Asset Management LLC CT boosted its stake in Cree by 113.3% in the 1st quarter. Iridian Asset Management LLC CT now owns 3,061,229 shares of the LED producer’s stock worth $123,398,000 after purchasing an additional 1,625,772 shares in the last quarter. Robecosam AG boosted its stake in Cree by 172.4% in the 1st quarter. Robecosam AG now owns 1,406,300 shares of the LED producer’s stock worth $56,688,000 after purchasing an additional 890,000 shares in the last quarter. OppenheimerFunds Inc. raised its position in Cree by 85.2% in the 4th quarter. OppenheimerFunds Inc. now owns 1,882,955 shares of the LED producer’s stock worth $69,933,000 after buying an additional 866,361 shares during the last quarter. Teachers Advisors LLC raised its position in Cree by 485.4% in the 4th quarter. Teachers Advisors LLC now owns 1,026,349 shares of the LED producer’s stock worth $38,119,000 after buying an additional 851,025 shares during the last quarter. Finally, BlackRock Inc. raised its position in Cree by 8.4% in the 4th quarter. BlackRock Inc. now owns 10,861,364 shares of the LED producer’s stock worth $403,392,000 after buying an additional 839,319 shares during the last quarter. Institutional investors own 98.94% of the company’s stock.
Shares of CREE stock traded down $0.20 during mid-day trading on Thursday, reaching $44.35. 942,695 shares of the company’s stock traded hands, compared to its average volume of 1,477,542. Cree has a 12 month low of $20.50 and a 12 month high of $45.43. The stock has a market cap of $4.46 billion, a PE ratio of 233.42 and a beta of 0.62. The company has a current ratio of 3.74, a quick ratio of 2.46 and a debt-to-equity ratio of 0.15.
Cree (NASDAQ:CREE) last announced its earnings results on Tuesday, April 24th. The LED producer reported $0.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.03. Cree had a negative net margin of 17.50% and a negative return on equity of 1.10%. The firm had revenue of $355.96 million for the quarter, compared to analysts’ expectations of $347.38 million. During the same quarter in the previous year, the business posted $0.01 EPS. The company’s quarterly revenue was up 4.2% on a year-over-year basis. sell-side analysts forecast that Cree will post -0.24 earnings per share for the current fiscal year.
Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. Its Lighting Products segment offers LED lighting systems and bulbs for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting and parking structures, and other applications.
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