Cree (CREE) Given a $46.00 Price Target at JMP Securities

Cree (NASDAQ:CREE) has been assigned a $46.00 target price by investment analysts at JMP Securities in a report issued on Wednesday. The firm currently has a “buy” rating on the LED producer’s stock. JMP Securities’ target price indicates a potential upside of 22.54% from the company’s current price.

Several other research analysts also recently weighed in on the stock. ValuEngine upgraded shares of Cree from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 18th. Roth Capital upgraded shares of Cree from a “neutral” rating to a “buy” rating and increased their price target for the stock from $50.00 to $60.00 in a research report on Tuesday, September 11th. BidaskClub downgraded shares of Cree from a “buy” rating to a “hold” rating in a research report on Thursday, August 16th. Canaccord Genuity started coverage on shares of Cree in a research report on Friday, August 3rd. They issued a “buy” rating and a $61.00 price target on the stock. Finally, Cowen reiterated a “hold” rating and issued a $45.00 price target on shares of Cree in a research report on Thursday, August 9th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $43.58.

CREE opened at $37.54 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.39 and a current ratio of 3.58. Cree has a 1-year low of $28.92 and a 1-year high of $51.78. The company has a market capitalization of $3.85 billion, a price-to-earnings ratio of -250.27 and a beta of 0.55.

Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, October 16th. The LED producer reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.10. Cree had a negative net margin of 18.74% and a negative return on equity of 0.74%. The business had revenue of $408.28 million for the quarter, compared to the consensus estimate of $407.32 million. During the same period last year, the firm earned $0.04 earnings per share. The company’s quarterly revenue was up 13.3% on a year-over-year basis. On average, equities analysts anticipate that Cree will post 0.13 EPS for the current year.

In other news, EVP David Todd Emerson sold 22,500 shares of the firm’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 sale, the executive vice president now directly owns 159,097 shares in the company, valued at approximately $7,293,006.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.55% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. United Services Automobile Association raised its position in shares of Cree by 15.8% during the 2nd quarter. United Services Automobile Association now owns 19,327 shares of the LED producer’s stock valued at $803,000 after purchasing an additional 2,634 shares during the period. Northern Trust Corp raised its position in shares of Cree by 4.2% during the 2nd quarter. Northern Trust Corp now owns 1,491,816 shares of the LED producer’s stock valued at $62,015,000 after purchasing an additional 60,517 shares during the period. Bank of New York Mellon Corp raised its position in shares of Cree by 60.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,836,186 shares of the LED producer’s stock valued at $76,330,000 after purchasing an additional 690,208 shares during the period. WINTON GROUP Ltd raised its position in shares of Cree by 36.3% during the 2nd quarter. WINTON GROUP Ltd now owns 371,643 shares of the LED producer’s stock valued at $15,449,000 after purchasing an additional 98,889 shares during the period. Finally, Global X Management Co LLC bought a new stake in shares of Cree during the 2nd quarter valued at $269,000.

Cree Company Profile

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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