Cree, Inc. (NASDAQ:CREE) – Oppenheimer raised their Q3 2019 earnings per share estimates for Cree in a report released on Monday, March 18th. Oppenheimer analyst C. Rusch now expects that the LED producer will post earnings of $0.08 per share for the quarter, up from their prior estimate of $0.05. Oppenheimer has a “Outperform” rating and a $59.00 price objective on the stock. Oppenheimer also issued estimates for Cree’s Q4 2019 earnings at $0.10 EPS, FY2019 earnings at $0.35 EPS and FY2020 earnings at $1.25 EPS.

Cree (NASDAQ:CREE) last posted its earnings results on Wednesday, January 30th. The LED producer reported $0.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.06. Cree had a positive return on equity of 0.90% and a negative net margin of 18.11%. The company had revenue of $413.04 million during the quarter, compared to the consensus estimate of $408.75 million. During the same quarter last year, the firm earned ($0.01) earnings per share. The company’s revenue was up 12.3% on a year-over-year basis.

A number of other research analysts have also recently commented on CREE. BidaskClub upgraded Cree from a “hold” rating to a “buy” rating in a research report on Friday, November 23rd. JPMorgan Chase & Co. cut Cree from a “neutral” rating to an “underweight” rating and set a $35.00 price target on the stock. in a research report on Friday, November 30th. Zacks Investment Research cut Cree from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 18th. TheStreet upgraded Cree from a “c” rating to a “b-” rating in a research report on Wednesday, January 9th. Finally, JMP Securities cut Cree from an “outperform” rating to a “market perform” rating and set a $49.32 price target on the stock. in a research report on Tuesday, January 29th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Cree presently has a consensus rating of “Buy” and a consensus target price of $51.84.

Shares of NASDAQ CREE opened at $57.88 on Wednesday. The company has a current ratio of 4.33, a quick ratio of 3.27 and a debt-to-equity ratio of 0.21. Cree has a 52 week low of $33.72 and a 52 week high of $59.17. The firm has a market capitalization of $5.88 billion, a P/E ratio of -385.87, a P/E/G ratio of 7.69 and a beta of 0.63.

A number of institutional investors have recently added to or reduced their stakes in CREE. Russell Investments Group Ltd. grew its position in Cree by 7.3% in the third quarter. Russell Investments Group Ltd. now owns 38,365 shares of the LED producer’s stock valued at $1,453,000 after acquiring an additional 2,595 shares during the last quarter. SG Americas Securities LLC grew its position in Cree by 6.5% in the third quarter. SG Americas Securities LLC now owns 34,175 shares of the LED producer’s stock valued at $1,294,000 after acquiring an additional 2,071 shares during the last quarter. JPMorgan Chase & Co. grew its position in Cree by 8.9% in the third quarter. JPMorgan Chase & Co. now owns 78,854 shares of the LED producer’s stock valued at $2,986,000 after acquiring an additional 6,445 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its position in Cree by 7.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 18,670 shares of the LED producer’s stock valued at $707,000 after acquiring an additional 1,300 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in Cree by 10.1% in the third quarter. Alliancebernstein L.P. now owns 242,289 shares of the LED producer’s stock valued at $9,175,000 after acquiring an additional 22,271 shares during the last quarter.

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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