Cree (NASDAQ:CREE) received a $28.00 price target from investment analysts at JPMorgan Chase & Co. in a note issued to investors on Tuesday, December 19th. The firm currently has a “sell” rating on the LED producer’s stock. JPMorgan Chase & Co.’s price objective indicates a potential downside of 23.20% from the stock’s current price.
A number of other research firms have also issued reports on CREE. Northland Securities reissued an “under perform” rating and issued a $28.00 price target on shares of Cree in a research report on Tuesday, December 19th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Cree from a “hold” rating to a “sell” rating in a research report on Friday, December 15th. Deutsche Bank set a $45.00 price objective on shares of Cree and gave the company a “buy” rating in a research report on Tuesday, December 12th. KeyCorp reaffirmed a “hold” rating on shares of Cree in a research report on Monday, December 11th. Finally, Goldman Sachs Group set a $19.00 price objective on shares of Cree and gave the company a “sell” rating in a research report on Wednesday, October 18th. Eight research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. Cree presently has a consensus rating of “Hold” and a consensus target price of $28.18.
Cree (NASDAQ CREE) traded up $0.66 during trading hours on Tuesday, hitting $36.46. 1,200,700 shares of the stock traded hands, compared to its average volume of 1,190,000. Cree has a one year low of $20.50 and a one year high of $40.24. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.61 and a current ratio of 4.82. The company has a market cap of $3,580.00, a price-to-earnings ratio of -29.89 and a beta of 1.26.
Cree (NASDAQ:CREE) last announced its earnings results on Tuesday, October 17th. The LED producer reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. Cree had a negative net margin of 8.42% and a negative return on equity of 0.44%. The company had revenue of $360.00 million during the quarter, compared to analysts’ expectations of $360.01 million. During the same period last year, the company posted $0.09 earnings per share. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. equities analysts forecast that Cree will post -0.27 earnings per share for the current year.
Institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. boosted its stake in Cree by 1.8% during the third quarter. Principal Financial Group Inc. now owns 417,150 shares of the LED producer’s stock worth $11,760,000 after buying an additional 7,340 shares in the last quarter. Alliancebernstein L.P. boosted its stake in Cree by 108.4% during the second quarter. Alliancebernstein L.P. now owns 155,105 shares of the LED producer’s stock worth $3,823,000 after buying an additional 80,681 shares in the last quarter. Zacks Investment Management acquired a new stake in shares of Cree in the 2nd quarter valued at $1,069,000. BlackRock Inc. boosted its stake in shares of Cree by 26.8% in 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, Rhumbline Advisers boosted its stake in shares of Cree by 9.2% in the 2nd quarter. Rhumbline Advisers now owns 206,385 shares of the LED producer’s stock valued at $5,087,000 after purchasing an additional 17,342 shares in the last quarter. Hedge funds and other institutional investors own 98.74% of the company’s stock.
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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.
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