Cree Upgraded to “Buy” by Jefferson Research (CREE)
Cree (NASDAQ:CREE) was upgraded by research analysts at Jefferson Research from a “hold” rating to a “buy” rating in a report released on Tuesday, ARN reports.
Shares of Cree (NASDAQ:CREE) traded up 0.40% on Tuesday, hitting $60.61. The stock had a trading volume of 843,517 shares. 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 $7.235 billion and a price-to-earnings ratio of 71.02.
Cree (NASDAQ:CREE) last issued its quarterly earnings data on Tuesday, October 22nd. The company reported $0.39 earnings per share (EPS) for the quarter, meeting the 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 in the previous year, the company posted $0.27 earnings per share. The company’s revenue for the quarter was up 23.8% on a year-over-year basis. Analysts expect that Cree will post $1.66 EPS for the current fiscal year.
In other Cree news, Director Alan J. Ruud unloaded 32,500 shares of the company’s stock on the open market in a transaction dated Thursday, October 24th. The shares were sold at an average price of $61.67, for a total value of $2,004,275.00. The sale was disclosed in a legal filing with the SEC, which is available at this link.
CREE has been the subject of a number of other 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 issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $58.71.
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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