Shares of Cree, Inc. (NASDAQ:CREE) have been assigned an average rating of “Hold” from the twenty-one brokerages that are currently covering the company, MarketBeat reports. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $46.36.

A number of equities analysts have weighed in on CREE shares. ValuEngine upgraded shares of Cree from a “buy” rating to a “strong-buy” rating in a report on Tuesday. BidaskClub upgraded shares of Cree from a “hold” rating to a “buy” rating in a report on Tuesday, August 7th. Roth Capital set a $50.00 price target on shares of Cree and gave the company a “hold” rating in a report on Wednesday, August 15th. BMO Capital Markets started coverage on shares of Cree in a report on Monday. They issued an “outperform” rating and a $55.00 price target on the stock. Finally, Deutsche Bank decreased their price target on shares of Cree to $42.00 and set a “hold” rating on the stock in a report on Wednesday, October 17th.

In other news, EVP David Todd Emerson sold 22,500 shares of the firm’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $45.84, for a total value of $1,031,400.00. Following the transaction, the executive vice president now owns 159,097 shares of the company’s stock, valued at approximately $7,293,006.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.55% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Cree by 5.8% in the 3rd quarter. BlackRock Inc. now owns 12,484,264 shares of the LED producer’s stock valued at $472,779,000 after acquiring an additional 683,682 shares during the period. Capital Research Global Investors raised its stake in shares of Cree by 13.5% in the 3rd quarter. Capital Research Global Investors now owns 4,865,183 shares of the LED producer’s stock valued at $184,244,000 after acquiring an additional 577,558 shares during the period. Iridian Asset Management LLC CT raised its stake in shares of Cree by 13.0% in the 3rd quarter. Iridian Asset Management LLC CT now owns 4,312,381 shares of the LED producer’s stock valued at $163,310,000 after acquiring an additional 495,370 shares during the period. OppenheimerFunds Inc. raised its stake in shares of Cree by 13.7% in the 2nd quarter. OppenheimerFunds Inc. now owns 2,928,013 shares of the LED producer’s stock valued at $121,718,000 after acquiring an additional 353,350 shares during the period. Finally, Pendal Group Ltd raised its stake in shares of Cree by 1.0% in the 3rd quarter. Pendal Group Ltd now owns 2,287,810 shares of the LED producer’s stock valued at $86,639,000 after acquiring an additional 22,958 shares during the period.

NASDAQ CREE traded up $1.02 during mid-day trading on Thursday, reaching $43.94. 1,088,738 shares of the stock were exchanged, compared to its average volume of 1,478,643. Cree has a 1-year low of $30.78 and a 1-year high of $51.78. The firm has a market cap of $4.26 billion, a P/E ratio of -292.93 and a beta of 0.44. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.15 and a current ratio of 4.19.

Cree (NASDAQ:CREE) last announced its earnings results on Tuesday, October 16th. The LED producer reported $0.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.10. Cree had a negative net margin of 17.60% and a negative return on equity of 0.10%. The firm had revenue of $408.28 million for the quarter, compared to analyst estimates of $407.32 million. During the same quarter last year, the business earned $0.04 earnings per share. Cree’s revenue was up 13.3% compared to the same quarter last year. As a group, equities analysts predict that Cree will post 0.33 EPS for the current year.

Cree Company Profile

Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.

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Analyst Recommendations for Cree (NASDAQ:CREE)

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