Cree, Inc. (CREE) Price Target Raised to $32.00 at Bank of America Corporation
Cree, Inc. (NASDAQ:CREE) had its price target lifted by Bank of America Corporation from $31.00 to $32.00 in a research note published on Wednesday morning. The firm currently has a neutral rating on the LED producer’s stock.
Other equities analysts have also recently issued reports about the stock. Northland Securities reissued a hold rating and set a $28.00 price target on shares of Cree in a research report on Thursday, September 28th. J P Morgan Chase & Co cut shares of Cree from a neutral rating to an underweight rating and lifted their price target for the stock from $23.00 to $28.00 in a research report on Friday, October 6th. Roth Capital set a $35.00 price target on shares of Cree and gave the stock a buy rating in a research report on Monday. Needham & Company LLC reissued a hold rating on shares of Cree in a research report on Tuesday, September 26th. Finally, BidaskClub cut shares of Cree from a buy rating to a hold rating in a research report on Friday, July 28th. Seven investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $25.73.
Shares of Cree (NASDAQ CREE) traded up 0.06% during midday trading on Wednesday, hitting $34.18. The stock had a trading volume of 7,203,593 shares. The stock has a 50-day moving average of $26.85 and a 200 day moving average of $24.90. Cree has a 52 week low of $20.50 and a 52 week high of $35.46. The stock’s market cap is $3.34 billion.
Cree (NASDAQ:CREE) last released its earnings results on Tuesday, October 17th. The LED producer reported $0.04 EPS for the quarter, hitting analysts’ consensus estimates of $0.04. Cree had a negative net margin of 8.42% and a negative return on equity of 0.44%. The firm had revenue of $360.00 million during the quarter, compared to analyst estimates of $360.01 million. During the same quarter in the previous year, the business earned $0.09 EPS. The business’s quarterly revenue was down 3.0% compared to the same quarter last year. Analysts anticipate that Cree will post $0.13 EPS for the current fiscal year.
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Institutional investors have recently modified their holdings of the company. GAM Holding AG bought a new position in Cree in the 2nd quarter valued at approximately $104,000. Riverhead Capital Management LLC lifted its stake in Cree by 75.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,426 shares of the LED producer’s stock valued at $134,000 after purchasing an additional 2,326 shares during the last quarter. Strs Ohio bought a new position in Cree in the 2nd quarter valued at approximately $140,000. LS Investment Advisors LLC lifted its stake in Cree by 17.9% in the 2nd quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock valued at $188,000 after purchasing an additional 1,160 shares during the last quarter. Finally, Advisor Group Inc. lifted its stake in Cree by 11.5% in the 2nd quarter. Advisor Group Inc. now owns 8,175 shares of the LED producer’s stock valued at $197,000 after purchasing an additional 846 shares during the last quarter. 91.16% of the stock is owned by institutional investors.
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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