Cree’s “Buy” Rating Reaffirmed at Goldman Sachs Group Inc. (CREE)
Cree (NASDAQ:CREE)‘s stock had its “buy” rating restated by Goldman Sachs Group Inc. in a research note issued on Wednesday, Analyst Ratings.Net reports. They currently have a $72.00 price objective on the stock. Goldman Sachs Group Inc.’s price objective points to a potential downside of 3.12% from the stock’s previous close.
Several other analysts have also recently commented on the stock. Analysts at Stephens downgraded shares of Cree from an “equal weight” rating to an “underweight” rating in a research note to investors on Wednesday. They now have a $48.00 price target on the stock, down previously from $52.00. Separately, analysts at Needham & Company downgraded shares of Cree from a “buy” rating to a “hold” rating in a research note to investors on Wednesday. Finally, analysts at Needham & Company reiterated a “buy” rating on shares of Cree in a research note to investors on Thursday, October 17th. They now have a $80.00 price target on the stock. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $59.61.
Shares of Cree (NASDAQ:CREE) traded down 17.53% during mid-day trading on Wednesday, hitting $61.29. The stock had a trading volume of 8,465,329 shares. Cree has a 52 week low of $24.50 and a 52 week high of $76.00. The stock’s 50-day moving average is $62.39 and its 200-day moving average is $59.64. The company has a market cap of $7.292 billion and a P/E ratio of 100.43. Cree also was the recipient of unusually large options trading on Monday. Stock traders purchased 19,732 call options on the company. This is an increase of 165% compared to the average volume of 7,440 call options.
Cree (NASDAQ:CREE) last announced its earnings results on Tuesday, October 22nd. The company reported $0.39 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.39. The company had revenue of $391.00 million for the quarter, compared to the consensus estimate of $392.31 million. During the same quarter last year, the company posted $0.27 earnings per share. Cree’s revenue was up 23.8% compared to the same quarter last year. Analysts expect that Cree will post $1.77 EPS for the current fiscal year.
Cree, Inc (NASDAQ:CREE) develops and manufactures semiconductor materials and devices primarily based on silicon carbide (SiC), gallium nitride (GaN) and related compounds.
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