Canaccord Genuity Reiterates $20.00 Price Target for Cree Inc. (CREE)
A number of other research analysts have also weighed in on CREE. Deutsche Bank AG raised their price objective on shares of Cree from $23.00 to $26.00 and gave the company a hold rating in a research note on Friday, July 15th. Needham & Company LLC reaffirmed 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 note on Sunday, July 17th. Zacks Investment Research lowered shares of Cree from a hold rating to a strong sell rating in a research note on Tuesday, August 16th. Finally, Goldman Sachs Group Inc. lowered their target price on shares of Cree from $20.00 to $18.00 and set a sell rating for the company in a report on Wednesday, August 17th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $32.27.
Shares of Cree (NASDAQ:CREE) opened at 23.21 on Tuesday. Cree has a one year low of $20.75 and a one year high of $32.92. The company’s 50 day moving average is $23.77 and its 200 day moving average is $24.70. The company has a market cap of $2.33 billion, a P/E ratio of 663.14 and a beta of 1.32.
Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, October 18th. The LED producer reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.04. Cree had a net margin of 0.27% and a return on equity of 1.42%. The firm had revenue of $321.30 million for the quarter, compared to analyst estimates of $322.77 million. During the same period last year, the firm earned $0.21 earnings per share. The business’s quarterly revenue was down 15.8% compared to the same quarter last year. On average, equities analysts predict that Cree will post $0.48 earnings per share for the current year.
In related news, Chairman Charles M. Swoboda acquired 10,000 shares of Cree stock in a transaction on Thursday, October 20th. The shares were acquired at an average cost of $22.22 per share, with a total value of $222,200.00. Following the transaction, the chairman now owns 545,870 shares in the company, valued at $12,129,231.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael E. Mcdevitt bought 5,000 shares of the company’s stock in a transaction dated Friday, October 21st. The shares were acquired at an average price of $22.20 per share, for a total transaction of $111,000.00. Following the acquisition, the insider now owns 141,088 shares in the company, valued at approximately $3,132,153.60. The disclosure for this purchase can be found here. Company insiders own 1.30% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. BlackRock Group LTD boosted its stake in shares of Cree by 30.4% in the first quarter. BlackRock Group LTD now owns 77,733 shares of the LED producer’s stock worth $2,262,000 after buying an additional 18,102 shares during the period. Geode Capital Management LLC boosted its stake 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 worth $19,712,000 after buying an additional 18,947 shares during the period. Hancock Holding Co. acquired a new stake in shares of Cree during the first quarter worth approximately $882,000. HBK Investments L P acquired a new stake in shares of Cree during the first quarter worth approximately $324,000. Finally, Nuveen Asset Management LLC boosted its stake 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 worth $2,356,000 after buying an additional 39,500 shares during the period. Hedge funds and other institutional investors own 84.20% 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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