Cree (NASDAQ:CREE) was upgraded by analysts at Williams Capital from a “sell” rating to a “hold” rating in a report issued on Wednesday, Marketbeat.com reports. The firm presently has a $32.00 price target on the LED producer’s stock, up from their previous price target of $27.00. Williams Capital’s target price would suggest a potential downside of 9.09% from the company’s current price.
Several other analysts have also issued reports on the company. Deutsche Bank raised Cree from a “hold” rating to a “buy” rating and boosted their price target for the company from $26.00 to $45.00 in a report on Monday, November 6th. JMP Securities set a $41.00 target price on Cree and gave the stock a “buy” rating in a research note on Wednesday, October 18th. Roth Capital set a $35.00 price target on Cree and gave the stock a “buy” rating in a research report on Monday, October 16th. TheStreet raised Cree from a “d+” rating to a “c-” rating in a research report on Wednesday, September 27th. Finally, Zacks Investment Research raised Cree from a “sell” rating to a “hold” rating in a research report on Friday, November 17th. Six analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. Cree presently has an average rating of “Hold” and a consensus price target of $30.42.
Cree (NASDAQ CREE) traded up $0.48 during trading on Wednesday, hitting $35.20. The company’s stock had a trading volume of 1,785,633 shares, compared to its average volume of 1,410,000. The company has a market cap of $3,500.00, a price-to-earnings ratio of -30.88 and a beta of 1.26. Cree has a twelve month low of $20.50 and a twelve month high of $40.24. The company has a current ratio of 4.59, a quick ratio of 3.61 and a debt-to-equity ratio of 0.05.
Institutional investors and hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. grew its holdings in Cree by 1.8% during the third quarter. Principal Financial Group Inc. now owns 417,150 shares of the LED producer’s stock valued at $11,760,000 after purchasing an additional 7,340 shares during the period. Zacks Investment Management acquired a new stake in Cree during the 2nd quarter valued at $1,069,000. Alliancebernstein L.P. grew its holdings in Cree by 108.4% during the 2nd quarter. Alliancebernstein L.P. now owns 155,105 shares of the LED producer’s stock valued at $3,823,000 after purchasing an additional 80,681 shares in the last quarter. BlackRock Inc. grew its holdings in Cree by 26.8% during the 2nd quarter. BlackRock Inc. now owns 10,245,032 shares of the LED producer’s stock valued at $252,541,000 after purchasing an additional 2,164,847 shares in the last quarter. Finally, Balentine LLC grew its holdings in Cree by 5,606.9% during the 3rd quarter. Balentine LLC now owns 56,555 shares of the LED producer’s stock valued at $1,594,000 after purchasing an additional 55,564 shares in the last quarter. 98.76% of the stock is currently owned by institutional investors.
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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.
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