Cree, Inc. (NASDAQ:CREE)‘s stock had its “hold” rating reissued by stock analysts at Canaccord Genuity in a report released on Friday. They currently have a $23.00 price objective on the LED producer’s stock. Canaccord Genuity’s price target would suggest a potential downside of 7.30% from the company’s current price.

A number of other research firms also recently weighed in on CREE. Needham & Company LLC restated a “hold” rating on shares of Cree in a research report on Friday, February 17th. Williams Capital upped their target price on Cree from $23.00 to $24.00 and gave the stock a “hold” rating in a research report on Wednesday, January 25th. JMP Securities downgraded Cree from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 9th. Roth Capital restated a “buy” rating and issued a $33.00 target price (down from $34.00) on shares of Cree in a research report on Friday, March 31st. Finally, Zacks Investment Research downgraded Cree from a “buy” rating to a “hold” rating in a research report on Tuesday, March 28th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company’s stock. Cree presently has an average rating of “Hold” and an average price target of $26.22.

Analyst Recommendations for Cree (NASDAQ:CREE)

Shares of Cree (NASDAQ:CREE) opened at 24.81 on Friday. The stock has a 50 day moving average price of $26.07 and a 200 day moving average price of $25.90. Cree has a 12-month low of $20.75 and a 12-month high of $31.64. The firm’s market capitalization is $2.44 billion.

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Cree (NASDAQ:CREE) last released its earnings results on Tuesday, January 24th. The LED producer reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.22. The firm earned $347 million during the quarter, compared to the consensus estimate of $328.54 million. Cree had a positive return on equity of 1.06% and a negative net margin of 0.26%. The firm’s revenue for the quarter was down 11.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.30 earnings per share. Analysts predict that Cree will post $0.60 EPS for the current fiscal year.

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Hedge funds have recently made changes to their positions in the stock. State of Tennessee Treasury Department increased its stake in shares of Cree by 154.1% in the third quarter. State of Tennessee Treasury Department now owns 181,400 shares of the LED producer’s stock valued at $4,666,000 after buying an additional 110,000 shares during the period. BlackRock Fund Advisors increased its stake in shares of Cree by 9.5% in the third quarter. BlackRock Fund Advisors now owns 3,811,409 shares of the LED producer’s stock valued at $98,029,000 after buying an additional 329,528 shares during the period. OMERS ADMINISTRATION Corp increased its stake in shares of Cree by 51.8% in the third quarter. OMERS ADMINISTRATION Corp now owns 81,800 shares of the LED producer’s stock valued at $2,104,000 after buying an additional 27,900 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Cree by 7.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 16,930 shares of the LED producer’s stock valued at $447,000 after buying an additional 1,180 shares during the period. Finally, New York State Common Retirement Fund increased its stake in shares of Cree by 9.7% in the third quarter. New York State Common Retirement Fund now owns 318,584 shares of the LED producer’s stock valued at $8,194,000 after buying an additional 28,266 shares during the period. 84.38% of the stock is currently owned by institutional investors.

About Cree

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.

5 Day Chart for NASDAQ:CREE

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