Cree, Inc. (CREE) Upgraded by Deutsche Bank AG to “Buy”
Cree, Inc. (NASDAQ:CREE) was upgraded by equities research analysts at Deutsche Bank AG from a “hold” rating to a “buy” rating in a report issued on Monday. The firm currently has a $45.00 target price on the LED producer’s stock. Deutsche Bank AG’s price target would indicate a potential upside of 24.04% from the company’s previous close.
Several other analysts have also issued reports on the company. Goldman Sachs Group, Inc. (The) set a $19.00 target price on Cree and gave the company a “sell” rating in a research note on Wednesday, October 18th. Williams Capital lowered Cree from a “hold” rating to a “sell” rating and set a $27.00 target price on the stock. in a research note on Thursday, October 19th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Cree in a research note on Wednesday, October 18th. Bank of America Corporation boosted their target price on Cree from $31.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, October 18th. Finally, JMP Securities set a $41.00 price objective on Cree and gave the company a “buy” rating in a research note on Wednesday, October 18th. 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. Cree has an average rating of “Hold” and a consensus target price of $27.50.
Shares of Cree (NASDAQ CREE) traded up $2.20 on Monday, hitting $36.28. The company’s stock had a trading volume of 2,190,639 shares, compared to its average volume of 3,423,553. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.61 and a current ratio of 4.82. Cree has a 52-week low of $20.50 and a 52-week high of $37.43.
Cree (NASDAQ:CREE) last issued its earnings results on Tuesday, October 17th. The LED producer reported $0.04 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.04. The firm had revenue of $360.00 million for the quarter, compared to analyst estimates of $360.01 million. Cree had a negative return on equity of 0.44% and a negative net margin of 8.42%. The business’s revenue was down 3.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.09 earnings per share. research analysts anticipate that Cree will post -0.27 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in CREE. UBS Asset Management Americas Inc. increased its stake in Cree by 17.2% in the 1st quarter. UBS Asset Management Americas Inc. now owns 71,062 shares of the LED producer’s stock worth $1,899,000 after acquiring an additional 10,410 shares during the last quarter. JPMorgan Chase & Co. purchased a new position in shares of Cree in the 1st quarter worth about $346,000. Prudential Financial Inc. boosted its holdings in shares of Cree by 5.2% in the 1st quarter. Prudential Financial Inc. now owns 59,334 shares of the LED producer’s stock worth $1,586,000 after purchasing an additional 2,930 shares in the last quarter. OppenheimerFunds Inc. boosted its holdings in shares of Cree by 13.5% in the 1st quarter. OppenheimerFunds Inc. now owns 13,148 shares of the LED producer’s stock worth $351,000 after purchasing an additional 1,567 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Cree by 98.9% in the 1st quarter. Wellington Management Group LLP now owns 31,586 shares of the LED producer’s stock worth $844,000 after purchasing an additional 15,704 shares in the last quarter. Institutional investors and hedge funds own 91.68% of the company’s stock.
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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