Analysts Set Cree, Inc. (NASDAQ:CREE) Price Target at $63.00
Shares of Cree, Inc. (NASDAQ:CREE) have received an average rating of “Hold” from the sixteen analysts that are currently covering the firm, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $63.00.
Several research analysts have weighed in on the company. Piper Sandler lifted their target price on Cree from $46.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, August 19th. Citigroup cut their price target on Cree from $82.00 to $71.00 in a report on Thursday, August 20th. JPMorgan Chase & Co. upgraded Cree from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $40.00 to $60.00 in a report on Wednesday, May 20th. BidaskClub lowered Cree from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 20th. Finally, Canaccord Genuity reaffirmed a “buy” rating on shares of Cree in a research report on Friday, September 4th.
NASDAQ CREE opened at $64.36 on Friday. The stock has a fifty day moving average of $66.16 and a 200-day moving average of $52.93. The stock has a market capitalization of $6.87 billion, a P/E ratio of -36.36 and a beta of 1.17. Cree has a 52 week low of $27.77 and a 52 week high of $74.72. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.85 and a current ratio of 5.47.
Several institutional investors have recently bought and sold shares of the business. Capital Research Global Investors increased its stake in shares of Cree by 21.3% during the 1st quarter. Capital Research Global Investors now owns 13,238,126 shares of the LED producer’s stock worth $469,424,000 after purchasing an additional 2,327,626 shares during the last quarter. William Blair Investment Management LLC purchased a new position in Cree in the 2nd quarter valued at approximately $121,420,000. Alliancebernstein L.P. grew its stake in Cree by 115.9% in the 1st quarter. Alliancebernstein L.P. now owns 2,826,803 shares of the LED producer’s stock valued at $100,238,000 after buying an additional 1,517,327 shares in the last quarter. Nuveen Asset Management LLC grew its position in shares of Cree by 17.9% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,072,044 shares of the LED producer’s stock valued at $122,645,000 after purchasing an additional 314,352 shares in the last quarter. Finally, FIL Ltd grew its position in shares of Cree by 20.8% during the 2nd quarter. FIL Ltd now owns 1,688,475 shares of the LED producer’s stock valued at $99,941,000 after purchasing an additional 290,923 shares in 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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