Cree (CREE) Upgraded to “Buy” by Goldman Sachs Group

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Goldman Sachs Group upgraded shares of Cree (NASDAQ:CREE) from a neutral rating to a buy rating in a report released on Thursday, Marketbeat.com reports. They currently have $58.00 target price on the LED producer’s stock.

Several other brokerages have also recently issued reports on CREE. Canaccord Genuity set a $60.00 price objective on Cree and gave the stock a buy rating in a report on Tuesday, August 14th. BidaskClub raised Cree from a hold rating to a buy rating in a report on Tuesday, August 7th. ValuEngine raised Cree from a buy rating to a strong-buy rating in a report on Saturday, August 18th. Nomura set a $40.00 price target on Cree and gave the stock a hold rating in a report on Wednesday, October 17th. Finally, JPMorgan Chase & Co. raised Cree from an underweight rating to a neutral rating and set a $35.00 price target for the company in a report on Tuesday, October 9th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $45.21.

CREE stock traded up $3.14 during midday trading on Thursday, hitting $43.47. 3,201,305 shares of the stock were exchanged, compared to its average volume of 1,477,950. The stock has a market cap of $4.14 billion, a PE ratio of -289.80 and a beta of 0.44. Cree has a fifty-two week low of $30.78 and a fifty-two week high of $51.78. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.15 and a current ratio of 4.19.

Cree (NASDAQ:CREE) last issued its quarterly earnings data on Tuesday, October 16th. The LED producer reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.10. The firm had revenue of $408.28 million during the quarter, compared to analysts’ expectations of $407.32 million. Cree had a negative return on equity of 0.10% and a negative net margin of 17.60%. Cree’s revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.04 earnings per share. As a group, equities research analysts predict that Cree will post 0.33 earnings per share for the current year.

In other news, EVP David Todd Emerson sold 22,500 shares of the business’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $45.84, for a total value of $1,031,400.00. Following the completion of the transaction, the executive vice president now directly owns 159,097 shares of the company’s stock, valued at $7,293,006.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.55% of the company’s stock.

Several large investors have recently made changes to their positions in CREE. Pendal Group Ltd purchased a new stake in shares of Cree in the second quarter valued at $94,150,000. Artisan Partners Limited Partnership grew its position in shares of Cree by 245.3% in the second quarter. Artisan Partners Limited Partnership now owns 2,187,858 shares of the LED producer’s stock valued at $90,949,000 after purchasing an additional 1,554,250 shares during the period. Allianz Asset Management GmbH grew its position in shares of Cree by 236.3% in the first quarter. Allianz Asset Management GmbH now owns 1,125,921 shares of the LED producer’s stock valued at $45,386,000 after purchasing an additional 791,139 shares during the period. Iridian Asset Management LLC CT grew its position in shares of Cree by 24.7% in the second quarter. Iridian Asset Management LLC CT now owns 3,817,011 shares of the LED producer’s stock valued at $158,673,000 after purchasing an additional 755,782 shares during the period. Finally, Ardevora Asset Management LLP purchased a new stake in shares of Cree in the second quarter valued at $29,565,000.

About Cree

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. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.

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