Cree (NASDAQ:CREE) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

A number of other brokerages have also issued reports on CREE. Cowen reissued a “hold” rating and set a $45.00 target price on shares of Cree in a research note on Thursday, August 9th. Canaccord Genuity set a $60.00 target price on shares of Cree and gave the company a “buy” rating in a research note on Tuesday, August 14th. ValuEngine raised shares of Cree from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 24th. Deutsche Bank assumed coverage on shares of Cree in a research note on Monday, August 27th. They set a “hold” rating and a $47.00 target price for the company. Finally, Nomura assumed coverage on shares of Cree in a research note on Wednesday, July 18th. They set a “neutral” rating and a $44.00 target price for the company. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $43.25.

NASDAQ CREE opened at $47.45 on Wednesday. Cree has a twelve month low of $23.83 and a twelve month high of $51.78. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.39 and a current ratio of 3.58.

Cree (NASDAQ:CREE) last posted its quarterly earnings data on Tuesday, August 14th. The LED producer reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.03. The firm had revenue of $409.45 million for the quarter, compared to analysts’ expectations of $399.69 million. Cree had a negative net margin of 18.74% and a negative return on equity of 0.74%. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.04 EPS. equities analysts forecast that Cree will post 0.13 earnings per share for the current year.

In related news, EVP David Todd Emerson sold 22,500 shares of Cree stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $45.84, for a total value of $1,031,400.00. Following the completion of the sale, the executive vice president now owns 159,097 shares of the company’s stock, valued at approximately $7,293,006.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.10% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in CREE. New York State Teachers Retirement System lifted its stake in shares of Cree by 7.8% in the 1st quarter. New York State Teachers Retirement System now owns 192,463 shares of the LED producer’s stock valued at $7,758,000 after purchasing an additional 14,000 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Cree by 40.7% in the 1st quarter. SG Americas Securities LLC now owns 28,516 shares of the LED producer’s stock valued at $1,149,000 after purchasing an additional 8,249 shares during the last quarter. Swiss National Bank lifted its position in Cree by 2.3% during the 1st quarter. Swiss National Bank now owns 170,241 shares of the LED producer’s stock worth $6,862,000 after acquiring an additional 3,800 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in Cree by 4.3% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 790,494 shares of the LED producer’s stock worth $31,865,000 after acquiring an additional 32,399 shares during the last quarter. Finally, Aperio Group LLC lifted its position in Cree by 14.9% during the 1st quarter. Aperio Group LLC now owns 45,890 shares of the LED producer’s stock worth $1,850,000 after acquiring an additional 5,962 shares during the last quarter.

Cree Company Profile

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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Analyst Recommendations for Cree (NASDAQ:CREE)

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