Cree, Inc. (CREE) Raised to Market Outperform at JMP Securities
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.
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.
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