Cree Inc. (CREE) Rating Increased to Hold at Zacks Investment Research
Cree Inc. (NASDAQ:CREE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Cree, Inc. is a market-leading innovator and manufacturer of semiconductors that enhance the value of solid-state lighting, power and communications products by significantly increasing their energy performance and efficiency. Key to Cree’s market advantage is its world-class materials expertise in silicon carbide and gallium nitride for chips and packaged devices that can handle more power in a smaller space while producing less heat than other available technologies, materials and products. Cree drives its increased performance technology into multiple applications, including exciting alternatives in brighter and more-tunable light for general illumination, backlighting for more-vivid displays, optimized power management for high-current switch-mode power supplies and variable-speed motors, and more-effective wireless infrastructure for data and voice communications. Cree customers range from innovative lighting-fixtures makers to defense-related federal agencies. “
A number of other equities analysts have also issued reports on CREE. Deutsche Bank AG raised their price target on Cree from $23.00 to $26.00 and gave the stock a “hold” rating in a report on Friday, July 15th. Canaccord Genuity reissued a “hold” rating and set a $24.00 price target (up previously from $19.00) on shares of Cree in a report on Sunday, July 17th. Needham & Company LLC reissued a “hold” rating on shares of Cree in a report on Sunday, July 17th. Cowen and Company reissued a “hold” rating on shares of Cree in a report on Sunday, July 17th. Finally, Goldman Sachs Group Inc. lowered their price target on Cree from $20.00 to $18.00 and set a “sell” rating on the stock in a report on Wednesday, August 17th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $32.67.
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Shares of Cree (NASDAQ:CREE) traded up 1.61% during trading on Tuesday, hitting $25.20. The company’s stock had a trading volume of 2,195,934 shares. The company has a 50-day moving average price of $24.76 and a 200-day moving average price of $25.08. Cree has a one year low of $22.10 and a one year high of $32.92. The stock’s market cap is $2.54 billion.
Cree (NASDAQ:CREE) last issued its quarterly earnings data on Tuesday, October 18th. The LED producer reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.04. The company had revenue of $321.30 million for the quarter, compared to analyst estimates of $322.77 million. Cree had a positive return on equity of 1.81% and a negative net margin of 1.25%. The business’s quarterly revenue was down 15.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.21 earnings per share. Equities analysts predict that Cree will post $0.56 EPS for the current fiscal year.
In related news, Director John B. Replogle acquired 5,000 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The stock was purchased at an average cost of $23.33 per share, for a total transaction of $116,650.00. Following the transaction, the director now directly owns 35,123 shares of the company’s stock, valued at approximately $819,419.59. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.30% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Group LTD increased its position in shares of Cree by 30.4% in the first quarter. BlackRock Group LTD now owns 77,733 shares of the LED producer’s stock valued at $2,262,000 after buying an additional 18,102 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of Cree by 95.3% in the first quarter. Nuveen Asset Management LLC now owns 80,946 shares of the LED producer’s stock valued at $2,356,000 after buying an additional 39,500 shares in the last quarter. Creative Planning increased its position in shares of Cree by 44.4% in the second quarter. Creative Planning now owns 10,529 shares of the LED producer’s stock valued at $257,000 after buying an additional 3,235 shares in the last quarter. HBK Investments L P bought a new position in shares of Cree during the first quarter valued at about $324,000. Finally, Invictus RG increased its position in shares of Cree by 1,242.2% in the first quarter. Invictus RG now owns 11,006 shares of the LED producer’s stock valued at $320,000 after buying an additional 10,186 shares in the last quarter. Hedge funds and other institutional investors own 83.24% of the company’s stock.
Cree Company Profile
Cree, Inc is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company’s products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems.
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