Cree, Inc. (CREE) Stock Rating Upgraded by JMP Securities
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.
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.
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.
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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