Canaccord Genuity Reiterates Buy Rating for Cree (CREE)

Cree (NASDAQ:CREE)‘s stock had its “buy” rating reaffirmed by stock analysts at Canaccord Genuity in a report released on Monday, Briefing.com Automated Import reports. They presently have a $81.00 price objective on the LED producer’s stock, up from their previous price objective of $60.00. Canaccord Genuity’s price target would indicate a potential upside of 23.68% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. TheStreet upgraded shares of Cree from a “c” rating to a “b-” rating in a research report on Wednesday, January 9th. Zacks Investment Research upgraded shares of Cree from a “hold” rating to a “buy” rating and set a $71.00 price objective for the company in a research report on Thursday. BidaskClub downgraded shares of Cree from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 27th. JMP Securities downgraded shares of Cree from an “outperform” rating to a “market perform” rating and set a $49.32 price objective for the company. in a research report on Tuesday, January 29th. They noted that the move was a valuation call. Finally, Oppenheimer boosted their target price on shares of Cree from $53.00 to $59.00 and gave the stock an “outperform” rating in a research note on Thursday, January 31st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $55.54.

CREE traded up $0.48 during trading on Monday, hitting $65.49. 1,236,842 shares of the stock traded hands, compared to its average volume of 1,311,691. Cree has a twelve month low of $33.72 and a twelve month high of $66.00. The company has a market cap of $6.79 billion, a P/E ratio of -436.60, a P/E/G ratio of 8.33 and a beta of 0.64. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.33 and a quick ratio of 3.27.

Cree (NASDAQ:CREE) last announced its quarterly earnings data on Wednesday, January 30th. The LED producer reported $0.23 EPS for the quarter, beating the consensus estimate of $0.17 by $0.06. Cree had a negative net margin of 18.11% and a positive return on equity of 0.90%. The business had revenue of $413.04 million during the quarter, compared to the consensus estimate of $408.75 million. During the same period in the previous year, the business earned ($0.01) earnings per share. The company’s revenue was up 12.3% on a year-over-year basis. On average, analysts expect that Cree will post 0.38 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of the stock. Physicians Financial Services Inc. grew its stake in shares of Cree by 3.8% in the first quarter. Physicians Financial Services Inc. now owns 4,879 shares of the LED producer’s stock worth $279,000 after purchasing an additional 180 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in shares of Cree by 22.0% in the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,025 shares of the LED producer’s stock worth $59,000 after purchasing an additional 185 shares during the last quarter. Domini Impact Investments LLC grew its stake in shares of Cree by 2.6% in the fourth quarter. Domini Impact Investments LLC now owns 9,180 shares of the LED producer’s stock worth $393,000 after purchasing an additional 235 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in shares of Cree by 1.5% in the first quarter. Louisiana State Employees Retirement System now owns 27,600 shares of the LED producer’s stock worth $1,579,000 after purchasing an additional 400 shares during the last quarter. Finally, Crossmark Global Holdings Inc. boosted its position in Cree by 5.6% during the fourth quarter. Crossmark Global Holdings Inc. now owns 9,205 shares of the LED producer’s stock valued at $394,000 after acquiring an additional 490 shares during the last quarter.

Cree Company Profile

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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Analyst Recommendations for Cree (NASDAQ:CREE)

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