Cree, Inc. (NASDAQ:CREE) has been assigned a $19.00 price objective by equities researchers at Goldman Sachs Group, Inc. (The) in a report released on Wednesday. The firm presently has a “sell” rating on the LED producer’s stock. Goldman Sachs Group, Inc. (The)’s price target suggests a potential downside of 43.87% from the company’s current price.

CREE has been the topic of a number of other research reports. Roth Capital set a $35.00 price target on Cree and gave the stock a “buy” rating in a research note on Monday, October 16th. J P Morgan Chase & Co cut Cree from a “neutral” rating to an “underweight” rating and lifted their target price for the company from $23.00 to $28.00 in a research note on Friday, October 6th. Williams Capital cut Cree from a “hold” rating to a “sell” rating and set a $27.00 target price on the stock. in a research note on Thursday. KeyCorp reaffirmed an “equal weight” rating and set a $21.00 target price on shares of Cree in a research note on Friday, August 25th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Cree in a research note on Wednesday. Seven research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $25.73.

Cree (NASDAQ:CREE) traded down 0.97% during midday trading on Wednesday, hitting $33.85. 2,701,670 shares of the company’s stock traded hands. The company’s market capitalization is $3.32 billion. The company has a 50 day moving average of $27.41 and a 200-day moving average of $25.02. Cree has a 52 week low of $20.50 and a 52 week high of $35.46.

Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, October 17th. The LED producer reported $0.04 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.04. The firm had revenue of $360.00 million for the quarter, compared to analysts’ expectations of $360.01 million. Cree had a negative return on equity of 0.44% and a negative net margin of 8.42%. Cree’s revenue was down 3.0% on a year-over-year basis. During the same quarter last year, the business posted $0.09 EPS. Equities research analysts predict that Cree will post $0.13 earnings per share for the current year.

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Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Mutual of America Capital Management LLC grew its stake in shares of Cree by 3.4% in the 3rd quarter. Mutual of America Capital Management LLC now owns 80,502 shares of the LED producer’s stock valued at $2,269,000 after buying an additional 2,672 shares in the last quarter. Shell Asset Management Co. bought a new stake in shares of Cree in the 3rd quarter valued at approximately $777,000. Ardsley Advisory Partners bought a new stake in shares of Cree in the 2nd quarter valued at approximately $1,849,000. Robecosam AG grew its stake in shares of Cree by 86.7% in the 2nd quarter. Robecosam AG now owns 504,000 shares of the LED producer’s stock valued at $12,494,000 after buying an additional 234,000 shares in the last quarter. Finally, Ameritas Investment Partners Inc. grew its stake in shares of Cree by 29.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 37,291 shares of the LED producer’s stock valued at $919,000 after buying an additional 8,577 shares in the last quarter. 91.16% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Cree (NASDAQ:CREE)

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