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

Cree (NASDAQ:CREE) received a $46.00 target price from equities researchers at JMP Securities in a research report issued to clients and investors on Wednesday. The firm currently has a “buy” rating on the LED producer’s stock. JMP Securities’ target price would indicate a potential upside of 29.43% from the company’s current price.

Other equities analysts also recently issued reports about the company. Canaccord Genuity set a $60.00 price objective on Cree and gave the stock a “buy” rating in a report on Tuesday, August 14th. ValuEngine upgraded Cree from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 24th. Nomura assumed coverage on Cree in a report on Wednesday, July 18th. They issued a “neutral” rating and a $44.00 price objective on the stock. BidaskClub downgraded Cree from a “buy” rating to a “hold” rating in a report on Thursday, August 16th. Finally, Deutsche Bank assumed coverage on Cree in a report on Monday, August 27th. They issued a “hold” rating and a $47.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $44.05.

Shares of Cree stock traded down $2.12 during trading hours on Wednesday, reaching $35.54. The stock had a trading volume of 80,182 shares, compared to its average volume of 2,251,100. The company has a market cap of $4.02 billion, a price-to-earnings ratio of -251.07 and a beta of 0.54. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.19 and a quick ratio of 2.39. Cree has a 1 year low of $30.78 and a 1 year high of $51.78.

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

In related news, EVP David Todd Emerson sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The stock was 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 document filed with the SEC, which is accessible through this link. Company insiders own 0.55% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Pendal Group Ltd purchased a new stake in Cree during the 2nd quarter worth approximately $94,150,000. Artisan Partners Limited Partnership increased its holdings in Cree by 245.3% during the 2nd 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 increased its holdings in Cree by 236.3% during the 1st 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 increased its holdings in Cree by 24.7% during the 2nd 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 purchased a new stake in Cree during the 2nd quarter worth approximately $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.

Read More: Diversification For Individual Investors

Analyst Recommendations for Cree (NASDAQ:CREE)

Receive News & Ratings for Cree Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply