Cree, Inc. (NASDAQ:CREE) Given Average Recommendation of “Hold” by Brokerages
Cree, Inc. (NASDAQ:CREE) has been given a consensus recommendation of “Hold” by the sixteen analysts that are covering the company, Marketbeat reports. Three investment analysts have rated the stock with a sell recommendation, nine have given a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $24.13.
CREE has been the subject of several analyst reports. Roth Capital restated a “buy” rating and issued a $29.00 target price (up from $27.00) on shares of Cree in a research note on Tuesday, June 20th. Canaccord Genuity restated a “hold” rating and issued a $23.00 target price on shares of Cree in a research note on Friday, April 21st. BidaskClub upgraded shares of Cree from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Deutsche Bank AG restated a “hold” rating and issued a $24.00 target price (down from $28.00) on shares of Cree in a research note on Saturday, April 29th. Finally, Zacks Investment Research downgraded shares of Cree from a “buy” rating to a “hold” rating in a research note on Tuesday, March 28th.
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Cree (NASDAQ:CREE) traded down 0.76% during midday trading on Friday, reaching $26.26. 224,293 shares of the company’s stock were exchanged. The firm’s market capitalization is $2.56 billion. The stock’s 50 day moving average is $25.06 and its 200 day moving average is $25.57. Cree has a 52 week low of $20.75 and a 52 week high of $31.64.
Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, April 25th. The LED producer reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by $0.20. The business had revenue of $341.51 million for 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%. Cree’s quarterly revenue was down 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.17 earnings per share. On average, analysts expect that Cree will post $0.48 EPS for the current fiscal year.
In related news, Director John B. Replogle purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, April 27th. The shares were purchased at an average cost of $22.11 per share, with a total value of $221,100.00. Following the completion of the acquisition, the director now directly owns 64,043 shares of the company’s stock, valued at approximately $1,415,990.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.30% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. acquired a new stake in shares of Cree during the fourth quarter worth $651,000. Guggenheim Capital LLC boosted its stake in shares of Cree by 205.9% in the fourth quarter. Guggenheim Capital LLC now owns 115,044 shares of the LED producer’s stock worth $3,036,000 after buying an additional 77,439 shares during the period. Thrivent Financial for Lutherans boosted 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 worth $447,000 after buying an additional 1,180 shares during the period. Norges Bank acquired a new stake in shares of Cree during the fourth quarter worth $14,662,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Cree during the fourth quarter worth $930,000. 86.04% of the stock is currently owned by institutional investors.
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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