Cree (CREE) Lifted to “Hold” at Williams Capital

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.

Cree (NASDAQ:CREE) last posted its earnings results on Tuesday, January 23rd. The LED producer reported ($0.01) EPS for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($0.02). Cree had a negative return on equity of 1.24% and a negative net margin of 7.77%. The business had revenue of $367.87 million during the quarter, compared to the consensus estimate of $349.62 million. During the same period in the previous year, the business posted $0.30 EPS. The firm’s revenue for the quarter was down 8.3% on a year-over-year basis. research analysts expect that Cree will post -0.27 earnings per share for the current fiscal year.

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.

Analyst Recommendations for Cree (NASDAQ:CREE)

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