Cree (NASDAQ:CREE) was upgraded by equities researchers at Goldman Sachs from a “sell” rating to a “neutral” rating in a report issued on Wednesday, March 7th, MarketBeat.com reports. The brokerage currently has a $41.76 price target on the LED producer’s stock, up from their prior price target of $39.00. Goldman Sachs’ price target suggests a potential downside of 2.16% from the company’s previous close.
Several other equities research analysts have also recently issued reports on CREE. Zacks Investment Research upgraded shares of Cree from a “sell” rating to a “hold” rating in a research report on Friday, November 17th. KeyCorp restated a “hold” rating on shares of Cree in a research report on Monday, December 11th. Deutsche Bank set a $45.00 price objective on shares of Cree and gave the stock a “buy” rating in a research report on Tuesday, December 12th. Northland Securities reiterated an “under perform” rating and set 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. Finally, JPMorgan Chase & Co. set a $28.00 price target on shares of Cree and gave the company a “sell” rating in a research report on Tuesday, December 19th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $33.17.
Cree (NASDAQ CREE) traded up $0.39 during trading hours on Wednesday, hitting $42.68. 1,324,100 shares of the stock were exchanged, compared to its average volume of 1,713,084. Cree has a 1 year low of $20.50 and a 1 year high of $45.43. The company has a current ratio of 4.59, a quick ratio of 3.48 and a debt-to-equity ratio of 0.05.
Institutional investors have recently modified their holdings of the stock. Xact Kapitalforvaltning AB purchased a new stake in shares of Cree during the 4th quarter worth approximately $344,000. Envestnet Asset Management Inc. lifted its position in shares of Cree by 6.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 25,658 shares of the LED producer’s stock worth $953,000 after buying an additional 1,666 shares during the last quarter. MetLife Investment Advisors LLC purchased a new stake in shares of Cree during the 4th quarter worth approximately $4,004,000. Macquarie Group Ltd. purchased a new stake in shares of Cree during the 4th quarter worth approximately $1,563,000. Finally, Verition Fund Management LLC purchased a new stake in shares of Cree during the 4th quarter worth approximately $248,000. Institutional investors own 98.94% of the company’s stock.
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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