Williams Capital started coverage on shares of Cree Inc. (NASDAQ:CREE) in a report issued on Friday. The firm issued a hold rating and a $23.00 price target on the LED producer’s stock.

Several other brokerages have also recently weighed in on CREE. Canaccord Genuity reiterated a hold rating on shares of Cree in a research report on Friday, September 23rd. Roth Capital began coverage on Cree in a research report on Thursday, August 25th. They set a buy rating and a $34.00 price target on the stock. Zacks Investment Research cut Cree from a hold rating to a strong sell rating in a research report on Tuesday, August 16th. Northland Securities cut Cree from an outperform rating to a market perform rating in a research report on Wednesday, August 17th. Finally, Deutsche Bank AG upped their price target on Cree from $23.00 to $26.00 and gave the company a hold rating in a research report on Friday, July 15th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the stock. Cree currently has a consensus rating of Hold and a consensus price target of $32.67.

Cree (NASDAQ:CREE) traded up 0.27% during midday trading on Friday, hitting $25.79. 79,290 shares of the stock were exchanged. Cree has a 1-year low of $22.10 and a 1-year high of $32.92. The company’s 50 day moving average is $24.67 and its 200 day moving average is $25.45. The company’s market capitalization is $2.60 billion.

Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, August 16th. The LED producer reported $0.19 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The business 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 revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the company earned ($0.19) earnings per share. Analysts predict that Cree will post $0.56 earnings per share for the current fiscal year.

In other news, Director John B. Replogle bought 5,000 shares of the company’s stock in a transaction on Thursday, August 18th. The shares were acquired at an average cost of $23.33 per share, with a total value of $116,650.00. Following the completion of the transaction, the director now owns 35,123 shares of the company’s stock, valued at approximately $819,419.59. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.30% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in CREE. Dimensional Fund Advisors LP boosted its position in shares of Cree by 44.6% in the second quarter. Dimensional Fund Advisors LP now owns 4,527,484 shares of the LED producer’s stock valued at $110,649,000 after buying an additional 1,395,760 shares during the last quarter. Norges Bank purchased a new position in shares of Cree during the fourth quarter valued at about $32,804,000. FIL Ltd purchased a new position in shares of Cree during the second quarter valued at about $14,077,000. Fairpointe Capital LLC boosted its position in shares of Cree by 8.8% in the second quarter. Fairpointe Capital LLC now owns 5,742,731 shares of the LED producer’s stock valued at $140,352,000 after buying an additional 463,800 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Cree by 107.1% in the second quarter. Canada Pension Plan Investment Board now owns 547,243 shares of the LED producer’s stock valued at $13,375,000 after buying an additional 283,000 shares during the last quarter. 83.26% of the stock is currently owned by institutional investors and hedge funds.

About Cree

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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