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.
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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