Wrapmanager Inc. trimmed its holdings in shares of Cree, Inc. (NASDAQ:CREE) by 4.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,594 shares of the LED producer’s stock after selling 429 shares during the quarter. Wrapmanager Inc.’s holdings in Cree were worth $549,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Quadrant Capital Group LLC increased its position in shares of Cree by 501.1% during the 1st quarter. Quadrant Capital Group LLC now owns 541 shares of the LED producer’s stock worth $29,000 after purchasing an additional 451 shares during the last quarter. James Investment Research Inc. acquired a new stake in shares of Cree during the 1st quarter worth about $33,000. Capital Investment Advisory Services LLC acquired a new stake in shares of Cree during the 4th quarter worth about $35,000. Oregon Public Employees Retirement Fund increased its position in shares of Cree by 4,177.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,694,874 shares of the LED producer’s stock worth $40,000 after purchasing an additional 1,655,251 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Cree during the 1st quarter worth about $42,000.
A number of analysts recently issued reports on CREE shares. BidaskClub raised Cree from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 29th. JMP Securities downgraded Cree from an “outperform” rating to a “market perform” rating and set a $49.32 price objective for the company. in a research report on Tuesday, January 29th. They noted that the move was a valuation call. Oppenheimer raised their price objective on Cree from $53.00 to $59.00 and gave the stock an “outperform” rating in a research report on Thursday, January 31st. Zacks Investment Research downgraded Cree from a “buy” rating to a “hold” rating in a research report on Tuesday, April 2nd. Finally, Canaccord Genuity reissued a “buy” rating and set a $81.00 price objective (up from $60.00) on shares of Cree in a research report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $58.89.
Cree (NASDAQ:CREE) last released its earnings results on Wednesday, May 1st. The LED producer reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.02. The company had revenue of $274.00 million during the quarter, compared to the consensus estimate of $274.73 million. Cree had a positive return on equity of 1.59% and a negative net margin of 18.25%. Cree’s revenue was up 21.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.04 EPS. On average, analysts anticipate that Cree, Inc. will post 0.4 EPS for the current fiscal year.
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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