Cree, Inc. (CREE) Receives Consensus Recommendation of “Hold” from Brokerages
Shares of Cree, Inc. (NASDAQ:CREE) have earned an average recommendation of “Hold” from the twenty ratings firms that are covering the company, MarketBeat reports. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $31.54.
A number of research firms have recently weighed in on CREE. Northland Securities reaffirmed an “under perform” rating and set a $28.00 price objective on shares of Cree in a research report on Tuesday, December 19th. They noted that the move was a valuation call. JPMorgan Chase & Co. set a $28.00 price objective on Cree and gave the company a “sell” rating in a research report on Tuesday, December 19th. Zacks Investment Research cut Cree from a “hold” rating to a “sell” rating in a research report on Friday, December 15th. BidaskClub cut Cree from a “strong-buy” rating to a “buy” rating in a research report on Thursday. Finally, Piper Jaffray Companies began coverage on Cree in a research report on Wednesday, December 20th. They set a “neutral” rating and a $37.00 price objective on the stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of CREE. Crossmark Global Holdings Inc. purchased a new position in Cree in the 3rd quarter worth approximately $325,000. Victory Capital Management Inc. purchased a new position in Cree in the 3rd quarter worth approximately $13,405,000. Canada Pension Plan Investment Board lifted its holdings in Cree by 65.0% in the 3rd quarter. Canada Pension Plan Investment Board now owns 791,033 shares of the LED producer’s stock worth $22,299,000 after purchasing an additional 311,500 shares in the last quarter. Chicago Equity Partners LLC lifted its holdings in Cree by 4.5% in the 3rd quarter. Chicago Equity Partners LLC now owns 360,675 shares of the LED producer’s stock worth $10,167,000 after purchasing an additional 15,480 shares in the last quarter. Finally, Riverbridge Partners LLC lifted its holdings in Cree by 9.7% in the 3rd quarter. Riverbridge Partners LLC now owns 47,261 shares of the LED producer’s stock worth $1,332,000 after purchasing an additional 4,184 shares in the last quarter. 98.94% of the stock is currently owned by institutional investors.
Cree (NASDAQ:CREE) last posted its quarterly earnings data on Tuesday, January 23rd. The LED producer reported ($0.01) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($0.02). Cree had a negative net margin of 7.77% and a negative return on equity of 1.24%. The company had revenue of $367.87 million for the quarter, compared to analysts’ expectations of $349.62 million. During the same period in the previous year, the firm earned $0.30 earnings per share. The firm’s quarterly revenue was down 8.3% on a year-over-year basis. equities analysts forecast that Cree will post -0.37 earnings per share for the current year.
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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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