Zacks Investment Research upgraded shares of Cree (NASDAQ:CREE) from a hold rating to a buy rating in a report published on Thursday morning, Zacks.com reports. They currently have $71.00 price objective on the LED producer’s stock.

According to Zacks, “Cree, Inc. is a market-leading innovator and manufacturer of semiconductors that enhance the value of solid-state lighting, power and communications products by significantly increasing their energy performance and efficiency. Key to Cree’s market advantage is its world-class materials expertise in silicon carbide and gallium nitride for chips and packaged devices that can handle more power in a smaller space while producing less heat than other available technologies, materials and products. Cree drives its increased performance technology into multiple applications, including exciting alternatives in brighter and more-tunable light for general illumination, backlighting for more-vivid displays, optimized power management for high-current switch-mode power supplies and variable-speed motors, and more-effective wireless infrastructure for data and voice communications. Cree customers range from innovative lighting-fixtures makers to defense-related federal agencies. “

A number of other brokerages have also weighed in on CREE. JMP Securities upgraded shares of Cree from a market perform rating to an outperform rating and boosted their price objective for the stock from $56.29 to $74.00 in a report on Wednesday, March 20th. BidaskClub upgraded shares of Cree from a buy rating to a strong-buy rating in a report on Friday, April 5th. TheStreet upgraded shares of Cree from a c rating to a b- rating in a report on Wednesday, January 9th. Finally, Oppenheimer boosted their price objective on shares of Cree from $53.00 to $59.00 and gave the stock an outperform rating in a report on Thursday, January 31st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $53.77.

CREE stock opened at $65.01 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.33 and a quick ratio of 3.27. Cree has a one year low of $33.72 and a one year high of $65.10. The company has a market capitalization of $6.54 billion, a price-to-earnings ratio of -433.40, a P/E/G ratio of 8.33 and a beta of 0.64.

Cree (NASDAQ:CREE) last released its quarterly earnings results on Wednesday, January 30th. The LED producer reported $0.23 EPS for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.06. Cree had a negative net margin of 18.11% and a positive return on equity of 0.90%. The business had revenue of $413.04 million during the quarter, compared to analysts’ expectations of $408.75 million. During the same quarter in the previous year, the company earned ($0.01) EPS. The business’s quarterly revenue was up 12.3% compared to the same quarter last year. As a group, equities research analysts forecast that Cree will post 0.38 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in CREE. BlackRock Inc. raised its holdings in Cree by 5.0% during the 4th quarter. BlackRock Inc. now owns 13,106,544 shares of the LED producer’s stock valued at $560,632,000 after buying an additional 622,280 shares during the last quarter. Vanguard Group Inc. raised its holdings in Cree by 6.9% during the 3rd quarter. Vanguard Group Inc. now owns 9,837,558 shares of the LED producer’s stock valued at $372,548,000 after buying an additional 632,086 shares during the last quarter. Vanguard Group Inc raised its holdings in Cree by 6.9% during the 3rd quarter. Vanguard Group Inc now owns 9,837,558 shares of the LED producer’s stock valued at $372,548,000 after buying an additional 632,086 shares during the last quarter. Capital Research Global Investors raised its holdings in Cree by 13.5% during the 3rd quarter. Capital Research Global Investors now owns 4,865,183 shares of the LED producer’s stock valued at $184,244,000 after buying an additional 577,558 shares during the last quarter. Finally, FMR LLC raised its holdings in Cree by 6.6% during the 4th quarter. FMR LLC now owns 2,954,664 shares of the LED producer’s stock valued at $126,386,000 after buying an additional 182,578 shares during the last quarter.

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.

See Also: Return on Equity (ROE)

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