Cree (NASDAQ:CREE) PT Raised to $115.00


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Cree (NASDAQ:CREE) had its price objective boosted by investment analysts at Wells Fargo & Company from $100.00 to $115.00 in a research note issued to investors on Thursday, The Fly reports. The brokerage presently has an “equal weight” rating on the LED producer’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 0.67% from the company’s current price.

A number of other equities analysts have also issued reports on the stock. Canaccord Genuity boosted their target price on shares of Cree from $80.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, January 28th. Citigroup raised shares of Cree from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $105.00 to $160.00 in a research report on Wednesday, February 17th. Charter Equity raised shares of Cree from a “market perform” rating to a “market outperform” rating in a research report on Thursday, February 25th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Cree from $60.00 to $100.00 and gave the stock a “hold” rating in a research report on Tuesday, January 26th. Finally, The Goldman Sachs Group lifted their price target on shares of Cree from $67.00 to $77.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $110.86.

NASDAQ:CREE opened at $114.23 on Thursday. Cree has a 12 month low of $34.17 and a 12 month high of $129.90. The firm has a market cap of $12.68 billion, a price-to-earnings ratio of -36.85 and a beta of 1.43. The company has a quick ratio of 3.78, a current ratio of 4.33 and a debt-to-equity ratio of 0.42. The company’s 50 day moving average is $110.86 and its 200-day moving average is $95.11.

Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, January 26th. The LED producer reported ($0.24) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.25) by $0.01. Cree had a negative net margin of 38.54% and a negative return on equity of 5.94%. The company had revenue of $127.00 million for the quarter, compared to analyst estimates of $121.54 million. During the same quarter last year, the firm posted ($0.10) earnings per share. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. Research analysts predict that Cree will post -1.28 EPS for the current fiscal year.

In related news, Director Clyde Hosein sold 13,816 shares of Cree stock in a transaction dated Friday, February 19th. The stock was sold at an average price of $125.48, for a total value of $1,733,631.68. Also, Director John B. Replogle sold 1,722 shares of Cree stock in a transaction dated Monday, February 1st. The shares were sold at an average price of $103.60, for a total value of $178,399.20. Following the completion of the transaction, the director now directly owns 61,448 shares of the company’s stock, valued at $6,366,012.80. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in CREE. First Allied Advisory Services Inc. bought a new stake in Cree during the 3rd quarter worth about $213,000. Squarepoint Ops LLC bought a new stake in Cree during the 3rd quarter worth about $1,124,000. Point72 Asset Management L.P. bought a new stake in Cree during the 3rd quarter worth about $7,485,000. Point72 Hong Kong Ltd bought a new stake in Cree during the 3rd quarter worth about $2,448,000. Finally, Captrust Financial Advisors raised its holdings in Cree by 5.6% during the 3rd quarter. Captrust Financial Advisors now owns 3,071 shares of the LED producer’s stock worth $202,000 after purchasing an additional 162 shares during the last quarter.

About Cree

Cree, Inc provides lighting-class light emitting diode (LED) and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, and internationally. It operates in two segments, Wolfspeed and LED Products. The Wolfspeed segment offers silicon carbide (SiC) materials for RF, power switching, gemstones, and other applications.

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