Cree (CREE) Coverage Initiated at Piper Jaffray Companies

Investment analysts at Piper Jaffray Companies started coverage on shares of Cree (NASDAQ:CREE) in a research report issued to clients and investors on Wednesday, The Fly reports. The firm set a “neutral” rating on the LED producer’s stock.

Other research analysts have also issued reports about the company. TheStreet upgraded Cree from a “d+” rating to a “c-” rating in a research report on Wednesday, September 27th. Deutsche Bank set a $45.00 price objective on Cree and gave the stock a “buy” rating in a research report on Wednesday. Northland Securities reiterated an “under perform” rating and issued a $28.00 price objective on shares of Cree in a research report on Tuesday. They noted that the move was a valuation call. J P Morgan Chase & Co set a $28.00 price objective on Cree and gave the stock a “sell” rating in a research report on Tuesday. Finally, Oppenheimer reiterated a “hold” rating on shares of Cree in a research report on Wednesday, October 18th. Eight investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company’s stock. Cree currently has a consensus rating of “Hold” and a consensus target price of $27.50.

Cree (NASDAQ:CREE) traded up $0.10 during trading hours on Wednesday, hitting $37.73. The company had a trading volume of 1,174,408 shares, compared to its average volume of 1,387,456. Cree has a 12-month low of $20.50 and a 12-month high of $40.24. The company has a quick ratio of 3.61, a current ratio of 4.82 and a debt-to-equity ratio of 0.06.

Cree (NASDAQ:CREE) last posted its quarterly earnings results on Tuesday, October 17th. The LED producer reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $360.00 million during 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%. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.09 earnings per share. equities research analysts anticipate that Cree will post -0.27 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Profund Advisors LLC increased its position in shares of Cree by 0.3% during the second quarter. Profund Advisors LLC now owns 33,127 shares of the LED producer’s stock worth $817,000 after purchasing an additional 102 shares in the last quarter. D.A. Davidson & CO. increased its position in shares of Cree by 0.8% during the second quarter. D.A. Davidson & CO. now owns 42,003 shares of the LED producer’s stock worth $1,035,000 after purchasing an additional 317 shares in the last quarter. Arizona State Retirement System increased its position in shares of Cree by 1.2% during the second quarter. Arizona State Retirement System now owns 41,000 shares of the LED producer’s stock worth $1,011,000 after purchasing an additional 500 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its position in shares of Cree by 3.3% during the second quarter. Northwestern Mutual Investment Management Company LLC now owns 17,339 shares of the LED producer’s stock worth $424,000 after purchasing an additional 553 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its position in shares of Cree by 1.8% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 34,696 shares of the LED producer’s stock worth $855,000 after purchasing an additional 627 shares in the last quarter. Institutional investors and hedge funds own 98.74% of the company’s stock.

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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.