Goldman Sachs Group, Inc. (The) Analysts Give Cree, Inc. (NASDAQ:CREE) a $19.00 Price Target

Cree, Inc. (NASDAQ:CREE) received a $19.00 price target from stock analysts at Goldman Sachs Group, Inc. (The) in a report released on Wednesday, October 18th. The firm presently has a “sell” rating on the LED producer’s stock. Goldman Sachs Group, Inc. (The)’s price target indicates a potential downside of 47.59% from the stock’s current price.

Several other equities analysts have also commented on the company. Roth Capital restated a “buy” rating and set a $29.00 price target (up previously from $27.00) on shares of Cree in a research note on Tuesday, June 20th. J P Morgan Chase & Co lowered Cree from a “neutral” rating to an “underweight” rating and lifted their target price for the company from $23.00 to $28.00 in a research note on Friday, October 6th. Williams Capital lowered Cree from a “hold” rating to a “sell” rating and set a $27.00 target price on the stock. in a research note on Thursday, October 19th. BidaskClub lowered Cree from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Bank of America Corporation boosted their price target on Cree from $31.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 18th. Seven research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. Cree has a consensus rating of “Hold” and an average target price of $27.50.

Cree (NASDAQ:CREE) traded up $2.17 during trading hours on Wednesday, hitting $36.25. The stock had a trading volume of 2,969,349 shares, compared to its average volume of 3,423,553. The company has a quick ratio of 3.61, a current ratio of 4.82 and a debt-to-equity ratio of 0.06. Cree has a fifty-two week low of $20.50 and a fifty-two week high of $37.43.

Cree (NASDAQ:CREE) last announced its quarterly earnings results on Tuesday, October 17th. The LED producer reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $360.00 million for the quarter, compared to analyst estimates of $360.01 million. Cree had a negative return on equity of 0.44% and a negative net margin of 8.42%. The business’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.09 earnings per share. sell-side analysts anticipate that Cree will post -0.27 earnings per share for the current year.

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Large investors have recently modified their holdings of the business. Morgan Stanley grew its holdings in Cree by 9.0% in the 1st quarter. Morgan Stanley now owns 837,690 shares of the LED producer’s stock valued at $22,391,000 after buying an additional 68,829 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in Cree by 3.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 25,400 shares of the LED producer’s stock valued at $626,000 after buying an additional 800 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in Cree in the 1st quarter valued at $346,000. Zacks Investment Management purchased a new stake in Cree in the 2nd quarter valued at $1,069,000. Finally, Alliancebernstein L.P. grew its holdings in Cree by 108.4% in the 2nd quarter. Alliancebernstein L.P. now owns 155,105 shares of the LED producer’s stock valued at $3,823,000 after buying an additional 80,681 shares in the last quarter. Institutional investors own 91.68% of the company’s stock.

About Cree

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.

Analyst Recommendations for Cree (NASDAQ:CREE)

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