Prudential Financial Inc. Reduces Position in Cree, Inc. (CREE)

Prudential Financial Inc. lowered its position in Cree, Inc. (NASDAQ:CREE) by 5.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 65,506 shares of the LED producer’s stock after selling 3,610 shares during the period. Prudential Financial Inc. owned 0.06% of Cree worth $2,802,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Cree by 5.8% during the third quarter. BlackRock Inc. now owns 12,484,264 shares of the LED producer’s stock worth $472,779,000 after purchasing an additional 683,682 shares during the period. Vanguard Group Inc. boosted its position in Cree by 6.9% during the third quarter. Vanguard Group Inc. now owns 9,837,558 shares of the LED producer’s stock worth $372,548,000 after purchasing an additional 632,086 shares during the period. Vanguard Group Inc boosted its position in Cree by 6.9% during the third quarter. Vanguard Group Inc now owns 9,837,558 shares of the LED producer’s stock worth $372,548,000 after purchasing an additional 632,086 shares during the period. Capital Research Global Investors boosted its position in Cree by 13.5% during the third quarter. Capital Research Global Investors now owns 4,865,183 shares of the LED producer’s stock worth $184,244,000 after purchasing an additional 577,558 shares during the period. Finally, Iridian Asset Management LLC CT boosted its position in Cree by 13.0% during the third quarter. Iridian Asset Management LLC CT now owns 4,312,381 shares of the LED producer’s stock worth $163,310,000 after purchasing an additional 495,370 shares during the period.

CREE opened at $56.87 on Friday. Cree, Inc. has a 1-year low of $33.72 and a 1-year high of $57.51. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.33 and a quick ratio of 3.27. The company has a market capitalization of $5.87 billion, a PE ratio of -379.13, a price-to-earnings-growth ratio of 7.33 and a beta of 0.63.

Cree (NASDAQ:CREE) last posted its quarterly earnings data on Wednesday, January 30th. The LED producer reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.06. Cree had a positive return on equity of 0.90% and a negative net margin of 18.11%. The company had revenue of $413.04 million during the quarter, compared to analysts’ expectations of $408.75 million. During the same period in the prior year, the business earned ($0.01) earnings per share. Cree’s revenue for the quarter was up 12.3% compared to the same quarter last year. As a group, sell-side analysts predict that Cree, Inc. will post 0.37 EPS for the current year.

A number of brokerages have issued reports on CREE. BidaskClub raised Cree from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 29th. Zacks Investment Research cut Cree from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 18th. JPMorgan Chase & Co. cut Cree from a “neutral” rating to an “underweight” rating and set a $45.96 target price for the company. in a research report on Sunday, December 9th. Oppenheimer upped their target price on Cree from $53.00 to $59.00 and gave the stock an “outperform” rating in a research report on Thursday, January 31st. Finally, TheStreet raised Cree from a “c” rating to a “b-” rating in a research report on Wednesday, January 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $49.94.

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About Cree

Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.

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Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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