BidaskClub upgraded shares of Cree (NASDAQ:CREE) from a sell rating to a hold rating in a report published on Thursday, BidAskClub reports.
A number of other equities research analysts also recently issued reports on the company. BMO Capital Markets reduced their price target on Cree from $55.00 to $50.00 and set a market perform rating on the stock in a research report on Wednesday, August 21st. Piper Jaffray Companies downgraded Cree from a neutral rating to an underweight rating and reduced their target price for the company from $57.00 to $38.00 in a report on Monday, August 26th. TheStreet downgraded Cree from a b- rating to a c rating in a report on Monday, May 20th. JPMorgan Chase & Co. set a $45.00 target price on Cree and gave the company a neutral rating in a report on Tuesday, August 27th. Finally, JMP Securities downgraded Cree from an outperform rating to a market perform rating in a report on Wednesday, August 21st. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Hold and an average target price of $56.75.
Shares of NASDAQ:CREE opened at $51.91 on Thursday. The company has a market capitalization of $5.43 billion, a P/E ratio of 195.27 and a beta of 0.92. Cree has a 1 year low of $33.72 and a 1 year high of $69.21. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.27 and a quick ratio of 4.57. The business’s 50 day simple moving average is $53.27 and its 200 day simple moving average is $57.88.
Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, August 20th. The LED producer reported $0.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.09). The company had revenue of $251.00 million for the quarter, compared to analyst estimates of $248.95 million. Cree had a positive return on equity of 1.23% and a negative net margin of 27.86%. The company’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.11 EPS. On average, sell-side analysts anticipate that Cree will post -0.2 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. lifted its stake in shares of Cree by 4.0% in the 1st quarter. BlackRock Inc. now owns 13,625,143 shares of the LED producer’s stock valued at $779,630,000 after acquiring an additional 518,599 shares during the last quarter. Artisan Partners Limited Partnership lifted its stake in shares of Cree by 17.6% in the 1st quarter. Artisan Partners Limited Partnership now owns 9,603,842 shares of the LED producer’s stock valued at $549,532,000 after acquiring an additional 1,438,363 shares during the last quarter. FMR LLC lifted its stake in shares of Cree by 9.0% in the 1st quarter. FMR LLC now owns 3,220,440 shares of the LED producer’s stock valued at $184,274,000 after acquiring an additional 265,776 shares during the last quarter. Nuveen Asset Management LLC bought a new position in shares of Cree in the 2nd quarter valued at $134,889,000. Finally, Invesco Ltd. lifted its stake in shares of Cree by 566.5% in the 2nd quarter. Invesco Ltd. now owns 1,816,237 shares of the LED producer’s stock valued at $102,036,000 after acquiring an additional 1,543,719 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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