Cigna Investments Inc. New Reduces Stake in Cree, Inc. (NASDAQ:CREE)

Cigna Investments Inc. New cut its stake in Cree, Inc. (NASDAQ:CREE) by 11.6% in the second quarter, HoldingsChannel reports. The fund owned 3,581 shares of the LED producer’s stock after selling 470 shares during the period. Cigna Investments Inc. New’s holdings in Cree were worth $351,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the business. US Bancorp DE lifted its holdings in Cree by 16.9% in the second quarter. US Bancorp DE now owns 1,025 shares of the LED producer’s stock valued at $100,000 after acquiring an additional 148 shares during the period. Vestmark Advisory Solutions Inc. lifted its holdings in Cree by 1.2% in the second quarter. Vestmark Advisory Solutions Inc. now owns 17,112 shares of the LED producer’s stock valued at $1,676,000 after acquiring an additional 201 shares during the period. Victory Capital Management Inc. lifted its holdings in Cree by 1.8% in the first quarter. Victory Capital Management Inc. now owns 12,984 shares of the LED producer’s stock valued at $1,404,000 after acquiring an additional 230 shares during the period. Perigon Wealth Management LLC lifted its holdings in Cree by 8.4% in the first quarter. Perigon Wealth Management LLC now owns 3,969 shares of the LED producer’s stock valued at $429,000 after acquiring an additional 306 shares during the period. Finally, Arizona State Retirement System lifted its holdings in Cree by 1.0% in the first quarter. Arizona State Retirement System now owns 32,120 shares of the LED producer’s stock valued at $3,473,000 after acquiring an additional 312 shares during the period.

Shares of CREE opened at $83.99 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.92 and a current ratio of 3.29. Cree, Inc. has a one year low of $56.39 and a one year high of $129.90. The stock has a market capitalization of $9.73 billion, a price-to-earnings ratio of -17.98 and a beta of 1.44. The stock has a 50 day moving average price of $88.41 and a 200 day moving average price of $96.89.

Cree (NASDAQ:CREE) last issued its earnings results on Monday, August 16th. The LED producer reported ($0.23) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.24) by $0.01. The company had revenue of $145.80 million during the quarter, compared to analysts’ expectations of $144.81 million. Cree had a negative return on equity of 7.29% and a negative net margin of 83.60%. The firm’s quarterly revenue was up 34.5% on a year-over-year basis. During the same period in the prior year, the business earned ($0.18) EPS. On average, analysts predict that Cree, Inc. will post -1.42 earnings per share for the current year.

A number of research analysts have issued reports on the company. Piper Sandler decreased their price target on Cree from $110.00 to $80.00 and set a “neutral” rating for the company in a report on Wednesday, August 18th. Canaccord Genuity upped their target price on Cree from $132.00 to $136.00 and gave the stock a “buy” rating in a research note on Wednesday, August 18th. Bank of America downgraded Cree from a “neutral” rating to an “underperform” rating and set a $93.00 target price for the company. in a research note on Friday, September 17th. Cowen reduced their target price on Cree from $150.00 to $115.00 and set an “outperform” rating for the company in a research note on Monday, August 16th. Finally, Wells Fargo & Company reduced their target price on Cree from $115.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 18th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $106.50.

Cree Profile

Cree, Inc is an innovator of Wolfspeed power and radio frequency (RF) semiconductors. Its Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace.

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Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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