Cree, Inc. (NASDAQ:CREE)‘s stock had its “buy” rating reaffirmed by Roth Capital in a research report issued to clients and investors on Tuesday. They currently have a $29.00 price target on the LED producer’s stock, up from their previous price target of $27.00. Roth Capital’s price target suggests a potential upside of 19.05% from the stock’s previous close.

CREE has been the subject of several other research reports. Canaccord Genuity reissued a “hold” rating and set a $23.00 target price on shares of Cree in a report on Friday, April 21st. Deutsche Bank AG reissued a “hold” rating and set a $24.00 target price (down previously from $28.00) on shares of Cree in a report on Saturday, April 29th. Zacks Investment Research cut shares of Cree from a “buy” rating to a “hold” rating in a report on Tuesday, March 28th. Cowen and Company reissued a “market perform” rating on shares of Cree in a report on Wednesday, April 26th. Finally, J P Morgan Chase & Co reissued a “neutral” rating and set a $26.00 target price (up previously from $25.00) on shares of Cree in a report on Monday, June 5th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. Cree currently has a consensus rating of “Hold” and an average price target of $25.63.

Analyst Recommendations for Cree (NASDAQ:CREE)

Shares of Cree (NASDAQ:CREE) traded down 1.15% during midday trading on Tuesday, hitting $24.08. 643,277 shares of the stock were exchanged. The firm’s 50-day moving average is $23.50 and its 200-day moving average is $25.78. Cree has a 12 month low of $20.75 and a 12 month high of $31.64. The stock’s market cap is $2.34 billion.

Cree (NASDAQ:CREE) last posted its quarterly earnings results on Tuesday, April 25th. The LED producer reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.09 by $0.20. The company had revenue of $341.51 million during the quarter, compared to analysts’ expectations of $339.41 million. Cree had a positive return on equity of 0.33% and a negative net margin of 7.36%. The company’s quarterly revenue was down 6.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.17 EPS. Equities research analysts predict that Cree will post $0.48 earnings per share for the current year.

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In other news, Director John B. Replogle purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, April 27th. The shares were bought at an average price of $22.11 per share, for a total transaction of $221,100.00. Following the completion of the transaction, the director now owns 64,043 shares in the company, valued at $1,415,990.73. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in CREE. AMG Funds LLC raised its stake in Cree by 0.3% in the first quarter. AMG Funds LLC now owns 74,083 shares of the LED producer’s stock valued at $1,980,000 after buying an additional 213 shares in the last quarter. First Republic Investment Management Inc. raised its stake in Cree by 2.5% in the fourth quarter. First Republic Investment Management Inc. now owns 12,591 shares of the LED producer’s stock valued at $332,000 after buying an additional 309 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in Cree by 1.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 18,982 shares of the LED producer’s stock valued at $507,000 after buying an additional 350 shares in the last quarter. Clean Yield Group raised its stake in Cree by 1.5% in the first quarter. Clean Yield Group now owns 27,815 shares of the LED producer’s stock valued at $743,000 after buying an additional 410 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in Cree by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 35,644 shares of the LED producer’s stock valued at $953,000 after buying an additional 500 shares in the last quarter. Institutional investors own 86.11% 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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