Deutsche Bank began coverage on shares of Cree (NASDAQ:CREE) in a report published on Monday morning, Marketbeat.com reports. The brokerage issued a hold rating and a $47.00 target price on the LED producer’s stock.
A number of other brokerages have also issued reports on CREE. Canaccord Genuity set a $60.00 price target on Cree and gave the stock a buy rating in a research note on Tuesday, August 14th. BidaskClub raised Cree from a hold rating to a buy rating in a research note on Tuesday, August 7th. ValuEngine downgraded Cree from a buy rating to a hold rating in a research report on Tuesday, May 1st. Zacks Investment Research downgraded Cree from a buy rating to a hold rating in a research report on Tuesday, June 26th. Finally, Nomura assumed coverage on Cree in a research report on Wednesday, July 18th. They set a neutral rating and a $44.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Cree has an average rating of Hold and a consensus price target of $43.25.
Shares of NASDAQ:CREE opened at $47.24 on Monday. The company has a current ratio of 3.58, a quick ratio of 2.39 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $4.81 billion, a PE ratio of -310.56 and a beta of 0.71. Cree has a 1 year low of $23.10 and a 1 year high of $51.78.
Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, August 14th. The LED producer reported $0.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.03. The firm had revenue of $409.45 million for the quarter, compared to analyst estimates of $399.69 million. Cree had a negative return on equity of 0.74% and a negative net margin of 18.74%. The business’s revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.04 earnings per share. research analysts anticipate that Cree will post 0.14 EPS for the current fiscal year.
In related news, EVP David Todd Emerson sold 22,500 shares of Cree stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $45.84, for a total transaction of $1,031,400.00. Following the transaction, the executive vice president now owns 159,097 shares in the company, valued at $7,293,006.48. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.10% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Smithfield Trust Co. purchased a new stake in Cree in the second quarter valued at $119,000. Quantbot Technologies LP purchased a new stake in Cree in the first quarter valued at $193,000. Berkshire Asset Management LLC PA purchased a new stake in Cree in the second quarter valued at $205,000. Zacks Investment Management purchased a new stake in Cree in the second quarter valued at $210,000. Finally, Global X Management Co LLC purchased a new stake in Cree in the second quarter valued at $269,000.
Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. Its Lighting Products segment offers LED lighting systems and bulbs for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting and parking structures, and other applications.
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