Nomura set a $40.00 price target on Cree (NASDAQ:CREE) in a report published on Wednesday, Marketbeat.com reports. The firm currently has a hold rating on the LED producer’s stock.

CREE has been the subject of a number of other reports. BidaskClub lowered shares of Cree from a hold rating to a sell rating in a research note on Thursday, September 20th. TheStreet lowered shares of Cree from a b- rating to a c+ rating in a research note on Tuesday, September 11th. Canaccord Genuity assumed coverage on shares of Cree in a research note on Friday, August 3rd. They issued a buy rating and a $61.00 price objective for the company. Cowen set a $38.00 price objective on shares of Cree and gave the company a hold rating in a research note on Thursday, October 11th. Finally, ValuEngine lowered shares of Cree from a buy rating to a hold rating in a research note on Thursday, August 2nd. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company. Cree has an average rating of Hold and an average price target of $44.05.

Shares of CREE stock traded down $1.98 during trading hours on Wednesday, hitting $35.68. 1,972,352 shares of the company were exchanged, compared to its average volume of 2,327,788. The company has a quick ratio of 2.39, a current ratio of 4.19 and a debt-to-equity ratio of 0.21. Cree has a 52-week low of $30.78 and a 52-week high of $51.78. The firm has a market cap of $3.86 billion, a P/E ratio of -237.87 and a beta of 0.54.

Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, October 16th. The LED producer reported $0.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.10. Cree had a negative net margin of 17.60% and a negative return on equity of 0.10%. The company had revenue of $408.28 million during the quarter, compared to analyst estimates of $407.32 million. During the same quarter last year, the business posted $0.04 EPS. Cree’s quarterly revenue was up 13.3% compared to the same quarter last year. As a group, equities analysts expect that Cree will post 0.13 EPS for the current year.

In other news, EVP David Todd Emerson sold 22,500 shares of the business’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $45.84, for a total transaction of $1,031,400.00. Following the completion of the transaction, the executive vice president now directly owns 159,097 shares in the company, valued at approximately $7,293,006.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.55% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CREE. Pendal Group Ltd purchased a new position in shares of Cree during the 2nd quarter valued at $94,150,000. Artisan Partners Limited Partnership lifted its stake in Cree by 245.3% in the second quarter. Artisan Partners Limited Partnership now owns 2,187,858 shares of the LED producer’s stock worth $90,949,000 after purchasing an additional 1,554,250 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in Cree by 236.3% in the first quarter. Allianz Asset Management GmbH now owns 1,125,921 shares of the LED producer’s stock worth $45,386,000 after purchasing an additional 791,139 shares during the last quarter. Iridian Asset Management LLC CT lifted its stake in Cree by 24.7% in the second quarter. Iridian Asset Management LLC CT now owns 3,817,011 shares of the LED producer’s stock worth $158,673,000 after purchasing an additional 755,782 shares during the last quarter. Finally, Ardevora Asset Management LLP bought a new stake in Cree in the second quarter worth $29,565,000.

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.

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Analyst Recommendations for Cree (NASDAQ:CREE)

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