Insider Selling: Charles Swoboda Sells 40,000 Shares of Cree Stock (CREE)
Cree (NASDAQ:CREE) CEO Charles Swoboda sold 40,000 shares of the company’s stock on the open market in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $61.67, for a total value of $2,466,800.00. Following the completion of the transaction, the chief executive officer now directly owns 330,804 shares in the company, valued at approximately $20,400,683. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
CREE has been the subject of a number of recent research reports. Analysts at Zacks downgraded shares of Cree from a “neutral” rating to an “underperform” rating in a research note to investors on Friday. They now have a $59.10 price target on the stock. Separately, analysts at Wedbush cut their price target on shares of Cree from $83.00 to $77.00 in a research note to investors on Wednesday, October 23rd. They now have an “outperform” rating on the stock. Finally, analysts at Piper Jaffray Cos. cut their price target on shares of Cree from $71.00 to $70.00 in a research note to investors on Wednesday, October 23rd. They now have an “overweight” rating on the stock. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $58.71.
Shares of Cree (NASDAQ:CREE) traded down 0.76% during mid-day trading on Monday, hitting $60.37. 1,890,164 shares of the company’s stock traded hands. Cree has a 52 week low of $24.50 and a 52 week high of $76.00. The stock has a 50-day moving average of $62.39 and a 200-day moving average of $59.64. The company has a market cap of $7.207 billion and a P/E ratio of 71.56.
Cree (NASDAQ:CREE) last released its earnings data 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. On average, analysts predict that Cree will post $1.66 earnings per share 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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