Cree, Inc. (NASDAQ:CREE) shares hit a new 52-week high during trading on Thursday . The company traded as high as $38.17 and last traded at $36.81, with a volume of 1680000 shares trading hands. The stock had previously closed at $36.12.

Several analysts have commented on CREE shares. Roth Capital set a $29.00 target price on shares of Cree and gave the stock a “buy” rating in a research report on Tuesday, August 22nd. Stephens downgraded shares of Cree from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $27.50 to $16.50 in a research report on Wednesday, August 23rd. They noted that the move was a valuation call. BidaskClub downgraded shares of Cree from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd. Canaccord Genuity reissued a “hold” rating and issued a $23.00 target price on shares of Cree in a research report on Wednesday, August 23rd. Finally, Deutsche Bank reissued a “hold” rating and issued a $22.00 target price (down from $24.00) on shares of Cree in a research report on Wednesday, August 23rd. Seven investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $27.50.

The company has a current ratio of 4.82, a quick ratio of 3.61 and a debt-to-equity ratio of 0.06.

Cree (NASDAQ:CREE) last released its earnings results on Tuesday, October 17th. The LED producer reported $0.04 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.04. The firm had revenue of $360.00 million during the quarter, compared to analysts’ expectations of $360.01 million. Cree had a negative net margin of 8.42% and a negative return on equity of 0.44%. The business’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.09 EPS. equities analysts predict that Cree, Inc. will post -0.27 EPS for the current year.

Large investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. raised its stake in Cree by 108.4% during the 2nd quarter. Alliancebernstein L.P. now owns 155,105 shares of the LED producer’s stock valued at $3,823,000 after purchasing an additional 80,681 shares during the last quarter. Zacks Investment Management bought a new stake in Cree in the 2nd quarter valued at $1,069,000. BlackRock Inc. increased its holdings in Cree by 26.8% in the 2nd quarter. BlackRock Inc. now owns 10,245,032 shares of the LED producer’s stock valued at $252,541,000 after buying an additional 2,164,847 shares during the period. Arizona State Retirement System increased its holdings in Cree by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 41,000 shares of the LED producer’s stock valued at $1,011,000 after buying an additional 500 shares during the period. Finally, Rhumbline Advisers increased its holdings in Cree by 9.2% in the 2nd quarter. Rhumbline Advisers now owns 206,385 shares of the LED producer’s stock valued at $5,087,000 after buying an additional 17,342 shares during the period. Hedge funds and other institutional investors own 98.96% of the company’s stock.

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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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