Cree Inc. (NASDAQ:CREE) received a $34.00 price target from Roth Capital in a note issued to investors on Wednesday. The firm currently has a a “buy” rating on the LED producer’s stock. Roth Capital’s price target indicates a potential upside of 34.92% from the stock’s previous close.

Several other equities analysts also recently commented on CREE. Needham & Company LLC restated a “hold” rating on shares of Cree in a research note on Sunday, July 17th. Cowen and Company reaffirmed a “hold” rating on shares of Cree in a research report on Sunday, July 17th. Canaccord Genuity reaffirmed a “hold” rating and set a $24.00 price objective (up previously from $19.00) on shares of Cree in a research report on Sunday, July 17th. Stephens cut shares of Cree from an “overweight” rating to an “equal weight” rating in a research report on Wednesday. Finally, Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of Cree in a research report on Thursday, August 18th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and three have assigned a buy rating to the company’s stock. Cree has an average rating of “Hold” and an average target price of $32.67.

Analyst Recommendations for Cree (NASDAQ:CREE)

Shares of Cree (NASDAQ:CREE) traded down 12.50% during midday trading on Wednesday, hitting $22.05. 9,606,713 shares of the stock traded hands. Cree has a 52 week low of $21.50 and a 52 week high of $32.92. The company’s market capitalization is $2.22 billion. The firm’s 50-day moving average is $24.77 and its 200 day moving average is $25.08.

Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, October 18th. The LED producer reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.04. Cree had a negative net margin of 1.25% and a positive return on equity of 1.81%. The business had revenue of $321.30 million for the quarter, compared to the consensus estimate of $322.77 million. During the same period in the prior year, the company posted $0.21 earnings per share. Cree’s revenue was down 15.8% compared to the same quarter last year. Equities analysts forecast that Cree will post $0.56 earnings per share for the current year.

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

Several hedge funds have recently made changes to their positions in CREE. Dimensional Fund Advisors LP increased its stake 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 period. FIL Ltd bought a new stake in shares of Cree during the second quarter valued at approximately $14,077,000. Fairpointe Capital LLC increased its stake 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 period. Canada Pension Plan Investment Board increased its stake 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 period. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Cree during the second quarter valued at approximately $6,777,000. 83.24% of the stock is owned by institutional investors.

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.

5 Day Chart for NASDAQ:CREE

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