Vanguard Group Inc. boosted its stake in shares of Cree, Inc. (NASDAQ:CREE) by 2.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,990,764 shares of the LED producer’s stock after buying an additional 195,436 shares during the period. Vanguard Group Inc. owned approximately 8.21% of Cree worth $213,594,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently made changes to their positions in the stock. Advisory Services Network LLC bought a new position in Cree during the first quarter valued at about $134,000. Wrapmanager Inc. boosted its position in Cree by 10.1% in the first quarter. Wrapmanager Inc. now owns 10,727 shares of the LED producer’s stock valued at $287,000 after buying an additional 988 shares in the last quarter. JPMorgan Chase & Co. bought a new position in Cree during the first quarter valued at about $346,000. OppenheimerFunds Inc. boosted its position in Cree by 13.5% in the first quarter. OppenheimerFunds Inc. now owns 13,148 shares of the LED producer’s stock valued at $351,000 after buying an additional 1,567 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new position in Cree during the first quarter valued at about $371,000. 86.27% of the stock is currently owned by institutional investors.
Cree, Inc. (NASDAQ:CREE) traded down 2.43% during mid-day trading on Tuesday, hitting $23.72. The company had a trading volume of 908,855 shares. The company has a 50-day moving average price of $25.44 and a 200 day moving average price of $25.47. The company’s market capitalization is $2.31 billion. Cree, Inc. has a 52-week low of $20.75 and a 52-week high of $31.64.
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Several equities analysts have issued reports on CREE shares. Roth Capital restated a “buy” rating and set a $29.00 target price (up previously from $27.00) on shares of Cree in a research note on Tuesday, June 20th. Zacks Investment Research upgraded shares of Cree from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 27th. JMP Securities upgraded shares of Cree from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $23.81 to $29.00 in a research note on Monday, May 22nd. Deutsche Bank AG reiterated a “hold” rating and issued a $24.00 price objective (down previously from $28.00) on shares of Cree in a research note on Saturday, April 29th. Finally, J P Morgan Chase & Co restated a “neutral” rating and set a $26.00 target price (up previously from $25.00) on shares of Cree in a research note on Monday, June 5th. 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’s stock. The stock has an average rating of “Hold” and a consensus price target 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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