Cree, Inc. (CREE) Receives $38.28 Consensus Price Target from Analysts

Shares of Cree, Inc. (NASDAQ:CREE) have earned a consensus rating of “Hold” from the twenty-two brokerages that are presently covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a sell recommendation, eleven have assigned a hold recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $38.28.

A number of equities analysts recently weighed in on CREE shares. BidaskClub upgraded Cree from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 17th. Williams Capital reiterated a “hold” rating and issued a $36.00 price target (up previously from $32.00) on shares of Cree in a research report on Tuesday, February 27th. Goldman Sachs Group upgraded Cree from a “sell” rating to a “neutral” rating and increased their price target for the company from $39.00 to $41.76 in a research report on Wednesday, March 7th. Cowen set a $37.00 price target on Cree and gave the company a “hold” rating in a research report on Tuesday, March 6th. Finally, KeyCorp reiterated a “hold” rating on shares of Cree in a research report on Wednesday, March 7th.

Cree opened at $50.08 on Monday, MarketBeat.com reports. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.74 and a quick ratio of 2.46. Cree has a 1-year low of $20.50 and a 1-year high of $50.67. The firm has a market capitalization of $4.92 billion, a P/E ratio of 263.79 and a beta of 0.67.

Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, April 24th. The LED producer reported $0.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.03. Cree had a negative return on equity of 1.10% and a negative net margin of 17.50%. The business had revenue of $355.96 million during the quarter, compared to analyst estimates of $347.38 million. During the same quarter last year, the company posted $0.01 EPS. Cree’s revenue for the quarter was up 4.2% on a year-over-year basis. research analysts expect that Cree will post -0.24 EPS for the current fiscal year.

In other news, insider Michael E. Mcdevitt sold 7,000 shares of Cree stock in a transaction dated Thursday, April 26th. The stock was sold at an average price of $39.36, for a total transaction of $275,520.00. Following the completion of the sale, the insider now directly owns 169,924 shares in the company, valued at approximately $6,688,208.64. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in CREE. Schwab Charles Investment Management Inc. lifted its holdings in shares of Cree by 5.7% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 758,095 shares of the LED producer’s stock valued at $28,156,000 after buying an additional 40,559 shares during the last quarter. Strs Ohio lifted its holdings in shares of Cree by 103.5% during the 4th quarter. Strs Ohio now owns 11,600 shares of the LED producer’s stock valued at $430,000 after buying an additional 5,900 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Cree during the 4th quarter valued at about $753,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Cree by 41.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,721 shares of the LED producer’s stock valued at $212,000 after buying an additional 1,687 shares during the last quarter. Finally, SeaCrest Wealth Management LLC acquired a new stake in shares of Cree during the 4th quarter valued at about $156,000. Institutional investors and hedge funds own 98.73% of the company’s stock.

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. Its Lighting Products segment offers LED lighting systems and bulbs for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting and parking structures, and other applications.

Analyst Recommendations for Cree (NASDAQ:CREE)

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