Stephens cut shares of Cree, Inc. (NASDAQ:CREE) from an equal weight rating to an underweight rating in a research report released on Wednesday, MarketBeat reports. They currently have $16.50 price objective on the LED producer’s stock, down from their prior price objective of $27.50. The analysts noted that the move was a valuation call.

Other equities analysts have also recently issued research reports about the company. Roth Capital set a $29.00 price target on Cree and gave the stock a buy rating in a report on Tuesday. BidaskClub raised Cree from a hold rating to a buy rating in a report on Wednesday, July 12th. TheStreet cut Cree from a c- rating to a d+ rating in a report on Wednesday, May 17th. Williams Capital reduced their price target on Cree from $27.00 to $25.00 and set a hold rating for the company in a report on Wednesday, April 26th. Finally, Zacks Investment Research raised Cree from a strong sell rating to a hold rating in a report on Tuesday, June 27th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $23.96.

Shares of Cree (NASDAQ CREE) opened at 23.46 on Wednesday. The company has a 50-day moving average price of $24.81 and a 200-day moving average price of $24.97. The company’s market capitalization is $2.28 billion. Cree has a 52 week low of $20.50 and a 52 week high of $31.64.

Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, August 22nd. The LED producer reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. The company had revenue of $359 million during the quarter, compared to analysts’ expectations of $349.82 million. Cree had a negative return on equity of 0.13% and a negative net margin of 7.17%. Cree’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.19 EPS. Analysts predict that Cree will post $0.41 earnings per share for the current year.

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Several large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in Cree by 13,401.9% in the first quarter. BlackRock Inc. now owns 8,080,185 shares of the LED producer’s stock worth $215,984,000 after buying an additional 8,020,340 shares during the period. Dimensional Fund Advisors LP raised its stake 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 worth $184,088,000 after buying an additional 1,043,768 shares during the period. State Street Corp raised its stake in Cree by 24.2% in the second quarter. State Street Corp now owns 3,688,186 shares of the LED producer’s stock worth $90,915,000 after buying an additional 717,698 shares during the period. Fairpointe Capital LLC raised its stake in Cree by 8.8% in the second quarter. Fairpointe Capital LLC now owns 6,070,231 shares of the LED producer’s stock worth $149,631,000 after buying an additional 492,465 shares during the period. Finally, FIL Ltd raised its stake in Cree by 37.7% in the second quarter. FIL Ltd now owns 1,382,176 shares of the LED producer’s stock worth $34,070,000 after buying an additional 378,590 shares during the period. Institutional investors and hedge funds own 86.52% 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.

Analyst Recommendations for Cree (NASDAQ:CREE)

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