Cree (NASDAQ:CREE) was upgraded by Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research report issued on Thursday, MarketBeat.com reports. The firm presently has a $58.00 price target on the LED producer’s stock. Goldman Sachs Group’s price objective indicates a potential upside of 33.43% from the company’s current price.
A number of other equities analysts have also weighed in on CREE. Nomura initiated coverage on Cree in a research report on Wednesday, July 18th. They issued a “neutral” rating and a $44.00 target price for the company. ValuEngine raised shares of Cree from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 24th. Canaccord Genuity initiated coverage on shares of Cree in a research report on Friday, August 3rd. They set a “buy” rating and a $61.00 price target for the company. BidaskClub raised shares of Cree from a “hold” rating to a “buy” rating in a research report on Tuesday, August 7th. Finally, Cowen reaffirmed a “hold” rating and set a $45.00 price target on shares of Cree in a research report on Thursday, August 9th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company’s stock. Cree presently has a consensus rating of “Hold” and an average price target of $45.21.
Shares of NASDAQ:CREE opened at $43.47 on Thursday. Cree has a fifty-two week low of $30.78 and a fifty-two week high of $51.78. The company has a quick ratio of 3.15, a current ratio of 4.19 and a debt-to-equity ratio of 0.21.
Cree (NASDAQ:CREE) last issued its earnings results on Tuesday, October 16th. The LED producer reported $0.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.10. Cree had a negative return on equity of 0.10% and a negative net margin of 17.60%. The business had revenue of $408.28 million during the quarter, compared to analyst estimates of $407.32 million. During the same quarter in the previous year, the firm earned $0.04 EPS. Cree’s revenue was up 13.3% on a year-over-year basis. Sell-side analysts anticipate that Cree will post 0.33 EPS for the current fiscal year.
In related news, EVP David Todd Emerson sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $45.84, for a total transaction of $1,031,400.00. Following the completion of the transaction, the executive vice president now directly owns 159,097 shares in the company, valued at approximately $7,293,006.48. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.55% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. State Treasurer State of Michigan grew its stake in shares of Cree by 3.4% during the 2nd quarter. State Treasurer State of Michigan now owns 37,000 shares of the LED producer’s stock valued at $1,538,000 after acquiring an additional 1,200 shares during the period. Louisiana State Employees Retirement System grew its stake in shares of Cree by 5.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 27,100 shares of the LED producer’s stock valued at $1,127,000 after acquiring an additional 1,300 shares during the period. Teachers Retirement System of The State of Kentucky grew its stake in shares of Cree by 7.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 18,670 shares of the LED producer’s stock valued at $707,000 after acquiring an additional 1,300 shares during the period. Aperio Group LLC grew its stake in shares of Cree by 3.4% during the 3rd quarter. Aperio Group LLC now owns 41,124 shares of the LED producer’s stock valued at $1,557,000 after acquiring an additional 1,354 shares during the period. Finally, Retirement Systems of Alabama grew its stake in shares of Cree by 1.1% during the 3rd quarter. Retirement Systems of Alabama now owns 131,546 shares of the LED producer’s stock valued at $4,982,000 after acquiring an additional 1,398 shares during the period.
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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