OppenheimerFunds Inc. increased its stake in shares of Cree, Inc. (NASDAQ:CREE) by 13.5% during the first quarter, according to its most recent filing with the SEC. The fund owned 13,148 shares of the LED producer’s stock after buying an additional 1,567 shares during the period. OppenheimerFunds Inc.’s holdings in Cree were worth $351,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in CREE. Norges Bank bought a new stake in shares of Cree during the fourth quarter valued at approximately $14,662,000. Robecosam AG bought a new stake in shares of Cree during the first quarter valued at approximately $7,355,000. First Trust Advisors LP boosted its position in Cree by 199.1% in the first quarter. First Trust Advisors LP now owns 322,721 shares of the LED producer’s stock worth $8,626,000 after buying an additional 214,816 shares during the last quarter. Wells Fargo & Company MN boosted its position in Cree by 11.3% in the first quarter. Wells Fargo & Company MN now owns 895,305 shares of the LED producer’s stock worth $23,932,000 after buying an additional 90,630 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in Cree by 20.9% in the first quarter. Canada Pension Plan Investment Board now owns 477,733 shares of the LED producer’s stock worth $12,770,000 after buying an additional 82,700 shares during the last quarter. Institutional investors and hedge funds own 86.52% of the company’s stock.
Cree, Inc. (NASDAQ:CREE) traded down 0.21% during midday trading on Wednesday, reaching $23.73. The company had a trading volume of 954,865 shares. The company has a 50-day moving average of $25.22 and a 200-day moving average of $25.21. The stock’s market capitalization is $2.31 billion. Cree, Inc. has a 12-month low of $20.75 and a 12-month high of $31.64.
A number of equities analysts have issued reports on CREE shares. Roth Capital restated a “buy” rating and set a $29.00 price target (up from $27.00) on shares of Cree in a report on Tuesday, June 20th. Canaccord Genuity restated a “hold” rating and set a $23.00 price target on shares of Cree in a report on Friday, April 21st. BidaskClub upgraded Cree from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Deutsche Bank AG restated a “hold” rating and set a $24.00 price target (down from $28.00) on shares of Cree in a report on Saturday, April 29th. Finally, Cowen and Company restated a “market perform” rating on shares of Cree in a report on Wednesday, April 26th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $25.00.
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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