Cree, Inc. (NASDAQ:CREE) – Analysts at Piper Jaffray Companies dropped their FY2019 earnings estimates for Cree in a report issued on Tuesday, June 11th. Piper Jaffray Companies analyst H. Kumar now expects that the LED producer will earn $0.36 per share for the year, down from their prior forecast of $0.41. Piper Jaffray Companies also issued estimates for Cree’s FY2020 earnings at $0.44 EPS.
Cree (NASDAQ:CREE) last posted its earnings results on Wednesday, May 1st. The LED producer reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The business had revenue of $274.00 million for the quarter, compared to the consensus estimate of $274.73 million. Cree had a negative net margin of 18.25% and a positive return on equity of 1.59%. The company’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.04 EPS.
A number of other research analysts also recently commented on the stock. Citigroup downgraded shares of Cree from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 2nd. JMP Securities raised shares of Cree from a “market perform” rating to an “outperform” rating and raised their target price for the company from $56.29 to $74.00 in a research report on Wednesday, March 20th. TheStreet downgraded shares of Cree from a “b-” rating to a “c” rating in a research report on Monday, May 20th. Canaccord Genuity reissued a “buy” rating and set a $78.00 target price (down previously from $81.00) on shares of Cree in a research report on Thursday, May 2nd. Finally, BidaskClub downgraded shares of Cree from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 26th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $59.52.
NASDAQ CREE opened at $57.95 on Friday. The company has a current ratio of 4.48, a quick ratio of 3.97 and a debt-to-equity ratio of 0.22. The stock has a market cap of $5.98 billion, a price-to-earnings ratio of -386.33, a price-to-earnings-growth ratio of 7.19 and a beta of 0.83. Cree has a one year low of $33.72 and a one year high of $69.21.
In other news, Director Duy Loan T. Le acquired 2,000 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were purchased at an average price of $60.07 per share, with a total value of $120,140.00. Following the transaction, the director now directly owns 8,442 shares in the company, valued at $507,110.94. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.55% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of the company. Neuburgh Advisers LLC grew its position in shares of Cree by 1.9% in the 1st quarter. Neuburgh Advisers LLC now owns 9,648 shares of the LED producer’s stock worth $552,000 after buying an additional 176 shares during the last quarter. Physicians Financial Services Inc. grew its position in Cree by 3.8% during the 1st 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 position in Cree by 22.0% during the 1st 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. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Cree by 1.1% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,185 shares of the LED producer’s stock worth $1,041,000 after purchasing an additional 189 shares during the last quarter. Finally, State Treasurer State of Michigan grew its position in Cree by 0.5% during the 1st quarter. State Treasurer State of Michigan now owns 40,430 shares of the LED producer’s stock worth $2,313,000 after purchasing an additional 200 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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