Zacks Investment Research upgraded shares of Cree Inc. (NASDAQ:CREE) from a sell rating to a hold rating in a report released on Tuesday.

According to Zacks, “Cree, Inc. is a market-leading innovator and manufacturer of semiconductors that enhance the value of solid-state lighting, power and communications products by significantly increasing their energy performance and efficiency. Key to Cree’s market advantage is its world-class materials expertise in silicon carbide and gallium nitride for chips and packaged devices that can handle more power in a smaller space while producing less heat than other available technologies, materials and products. Cree drives its increased performance technology into multiple applications, including exciting alternatives in brighter and more-tunable light for general illumination, backlighting for more-vivid displays, optimized power management for high-current switch-mode power supplies and variable-speed motors, and more-effective wireless infrastructure for data and voice communications. Cree customers range from innovative lighting-fixtures makers to defense-related federal agencies. “

A number of other equities research analysts have also issued reports on the company. Williams Capital began coverage on Cree in a research report on Friday, September 30th. They issued a hold rating and a $23.00 target price on the stock. Canaccord Genuity reissued 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 issued a buy rating and a $34.00 target price on the stock. Oppenheimer Holdings Inc. reissued a market perform rating on shares of Cree in a research report on Thursday, August 18th. Finally, Northland Securities lowered Cree from an outperform rating to a market perform rating in a research report on Wednesday, August 17th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $32.67.

Shares of Cree (NASDAQ:CREE) opened at 25.20 on Tuesday. The company’s market capitalization is $2.54 billion. The stock has a 50 day moving average price of $24.77 and a 200 day moving average price of $25.08. Cree has a 52-week low of $22.10 and a 52-week high of $32.92.

Cree (NASDAQ:CREE) last announced its earnings results on Tuesday, October 18th. The LED producer reported $0.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.04. Cree had a positive return on equity of 1.81% and a negative net margin of 1.25%. The business had revenue of $321.30 million for the quarter, compared to analyst estimates of $322.77 million. During the same quarter last year, the firm earned $0.21 EPS. Cree’s revenue for the quarter was down 15.8% compared to the same quarter last year. On average, analysts predict that Cree will post $0.56 earnings per share for the current fiscal year.

In other news, Director John B. Replogle purchased 5,000 shares of Cree stock in a transaction that occurred on Thursday, August 18th. The stock was acquired at an average cost of $23.33 per share, for a total transaction of $116,650.00. Following the purchase, the director now directly owns 35,123 shares of the company’s stock, valued at approximately $819,419.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in CREE. Invictus RG boosted its position in shares of Cree by 1,242.2% in the first quarter. Invictus RG now owns 11,006 shares of the LED producer’s stock valued at $320,000 after buying an additional 10,186 shares in the last quarter. Nuveen Asset Management LLC boosted its position in shares of Cree by 95.3% in the first quarter. Nuveen Asset Management LLC now owns 80,946 shares of the LED producer’s stock valued at $2,356,000 after buying an additional 39,500 shares in the last quarter. HBK Investments L P bought a new position in shares of Cree during the first quarter valued at $324,000. Hancock Holding Co. bought a new position in shares of Cree during the first quarter valued at $882,000. Finally, Geode Capital Management LLC boosted its position in shares of Cree by 2.9% in the first quarter. Geode Capital Management LLC now owns 677,395 shares of the LED producer’s stock valued at $19,712,000 after buying an additional 18,947 shares in the last quarter. Institutional investors and hedge funds own 83.24% of the company’s stock.

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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