Cree, Inc. (NASDAQ:CREE) was upgraded by stock analysts at JMP Securities from a “market perform” rating to an “outperform” rating in a report issued on Monday. The firm presently has a $29.00 price objective on the LED producer’s stock, up from their previous price objective of $23.81. JMP Securities’ price target would indicate a potential upside of 19.69% from the stock’s current price.

Several other brokerages have also recently issued reports on CREE. Canaccord Genuity reissued a “hold” rating and issued a $23.00 target price on shares of Cree in a research report on Friday, April 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Cree in a research report on Friday, February 17th. Williams Capital lifted their price objective on Cree from $23.00 to $24.00 and gave the company a “hold” rating in a research report on Wednesday, January 25th. Deutsche Bank AG reaffirmed a “hold” rating and set a $24.00 price objective (down from $28.00) on shares of Cree in a research report on Saturday, April 29th. Finally, Roth Capital reaffirmed a “buy” rating and set a $33.00 price objective (down from $34.00) on shares of Cree in a research report on Friday, March 31st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $26.63.

Analyst Recommendations for Cree (NASDAQ:CREE)

Cree (NASDAQ:CREE) opened at 24.23 on Monday. The stock’s market capitalization is $2.36 billion. The company has a 50 day moving average of $23.39 and a 200-day moving average of $25.80. Cree has a one year low of $20.75 and a one year high of $31.64.

Cree (NASDAQ:CREE) last announced its earnings results on Tuesday, April 25th. The LED producer reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by $0.20. The firm had revenue of $341.51 million during the quarter, compared to analysts’ expectations of $339.41 million. Cree had a positive return on equity of 1.06% and a negative net margin of 0.26%. The company’s revenue for the quarter was down 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.17 earnings per share. Equities research analysts predict that Cree will post $0.48 earnings per share for the current fiscal year.

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In related news, Director John B. Replogle bought 10,000 shares of the business’s stock in a transaction dated Thursday, April 27th. The shares were purchased at an average price of $22.11 per share, with a total value of $221,100.00. Following the transaction, the director now owns 64,043 shares in the company, valued at approximately $1,415,990.73. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.30% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in CREE. BlackRock Inc. increased its position in Cree by 13,401.9% in the first quarter. BlackRock Inc. now owns 8,080,185 shares of the LED producer’s stock valued at $215,984,000 after buying an additional 8,020,340 shares in the last quarter. Vanguard Group Inc. increased its position in Cree by 2.5% in the first quarter. Vanguard Group Inc. now owns 7,990,764 shares of the LED producer’s stock valued at $213,594,000 after buying an additional 195,436 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Cree by 17.9% in the first quarter. Dimensional Fund Advisors LP now owns 6,886,898 shares of the LED producer’s stock valued at $184,088,000 after buying an additional 1,043,768 shares in the last quarter. Fairpointe Capital LLC increased its position in Cree by 1.3% in the first quarter. Fairpointe Capital LLC now owns 5,577,766 shares of the LED producer’s stock valued at $149,094,000 after buying an additional 71,445 shares in the last quarter. Finally, State Street Corp increased its position in Cree by 2.9% in the first quarter. State Street Corp now owns 2,970,488 shares of the LED producer’s stock valued at $79,400,000 after buying an additional 82,549 shares in the last quarter. 84.38% of the stock is currently owned by hedge funds and other institutional investors.

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.

12 Month Chart for NASDAQ:CREE

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