Cree, Inc. (NASDAQ:CREE) was upgraded by equities research analysts at JMP Securities from a “market perform” rating to a “market outperform” rating in a report released on Monday.

Other analysts have also recently issued research reports about the stock. Cowen and Company reiterated a “market perform” rating on shares of Cree in a research note on Wednesday, April 26th. TheStreet cut shares of Cree from a “c-” rating to a “d+” rating in a research note on Wednesday, May 17th. Canaccord Genuity reiterated a “hold” rating and issued a $23.00 price objective on shares of Cree in a research note on Friday, April 21st. Zacks Investment Research cut shares of Cree from a “hold” rating to a “strong sell” rating in a research note on Monday, May 1st. Finally, Roth Capital set a $34.00 price objective on shares of Cree and gave the stock a “buy” rating in a research note on Thursday, February 9th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $27.00.

Analyst Recommendations for Cree (NASDAQ:CREE)

Shares of Cree (NASDAQ:CREE) opened at 23.09 on Monday. The company’s 50-day moving average price is $23.52 and its 200 day moving average price is $25.69. The company’s market cap is $2.25 billion. Cree has a one year low of $20.75 and a one year high of $31.64.

Cree (NASDAQ:CREE) last issued its quarterly earnings data on Tuesday, April 25th. The LED producer reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.09 by $0.20. Cree had a positive return on equity of 1.06% and a negative net margin of 0.26%. The business had revenue of $341.51 million during the quarter, compared to analyst estimates of $339.41 million. During the same quarter last year, the firm earned $0.17 EPS. Cree’s revenue for the quarter was down 6.9% compared to the same quarter last year. Equities analysts forecast that Cree will post $0.48 EPS for the current fiscal year.

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In related news, Director John B. Replogle purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 27th. The shares were bought at an average cost of $22.11 per share, with a total value of $221,100.00. Following the acquisition, the director now owns 64,043 shares of the company’s stock, valued at approximately $1,415,990.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.

Several large investors have recently made changes to their positions in CREE. BlackRock Inc. raised its stake in shares of Cree by 13,401.9% in the first quarter. BlackRock Inc. now owns 8,080,185 shares of the LED producer’s stock valued at $215,984,000 after buying an additional 8,020,340 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Cree by 26.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,843,130 shares of the LED producer’s stock valued at $154,202,000 after buying an additional 1,212,361 shares during the period. Norges Bank bought a new stake in shares of Cree during the fourth quarter valued at about $14,662,000. Robecosam AG bought a new stake in shares of Cree during the first quarter valued at about $7,355,000. Finally, Two Sigma Investments LP bought a new stake in shares of Cree during the fourth quarter valued at about $7,075,000. 84.38% of the stock is currently owned by institutional investors.

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.

12 Month Chart for NASDAQ:CREE

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