Roth Capital Lowers Cree (NASDAQ:CREE) Price Target to $67.00

Cree (NASDAQ:CREE) had its price objective reduced by equities research analysts at Roth Capital from $73.00 to $67.00 in a research note issued to investors on Thursday, The Fly reports. The brokerage presently has a “buy” rating on the LED producer’s stock. Roth Capital’s target price suggests a potential upside of 22.76% from the company’s current price.

CREE has been the topic of several other research reports. Zacks Investment Research lowered Cree from a “buy” rating to a “hold” rating in a research note on Wednesday, April 10th. BidaskClub lowered Cree from a “strong-buy” rating to a “buy” rating in a research note on Friday, April 26th. Canaccord Genuity reiterated a “buy” rating and issued a $81.00 price target (up previously from $60.00) on shares of Cree in a research note on Monday, April 15th. JMP Securities upgraded Cree from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $56.29 to $74.00 in a research note on Wednesday, March 20th. Finally, Oppenheimer lowered Cree from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $58.00 to $64.78 in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $59.52.

Shares of CREE opened at $54.58 on Thursday. Cree has a 52-week low of $33.72 and a 52-week high of $69.21. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.97 and a current ratio of 4.48. The firm has a market capitalization of $5.98 billion, a PE ratio of -363.87, a price-to-earnings-growth ratio of 7.19 and a beta of 0.83.

Cree (NASDAQ:CREE) last issued its quarterly earnings results on Wednesday, May 1st. The LED producer reported $0.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.02. Cree had a positive return on equity of 1.59% and a negative net margin of 18.25%. The company had revenue of $274.00 million for the quarter, compared to analyst estimates of $274.73 million. During the same quarter last year, the company posted $0.04 EPS. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. Equities research analysts expect that Cree will post 0.4 earnings per share for the current year.

In other news, Director Duy Loan T. Le acquired 2,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were bought at an average price of $60.07 per share, with a total value of $120,140.00. Following the acquisition, the director now directly owns 8,442 shares in the company, valued at approximately $507,110.94. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.55% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans boosted its holdings in shares of Cree by 8.4% during the 4th quarter. Thrivent Financial for Lutherans now owns 26,279 shares of the LED producer’s stock valued at $1,124,000 after acquiring an additional 2,029 shares in the last quarter. Polar Capital LLP boosted its holdings in shares of Cree by 11.9% during the 4th quarter. Polar Capital LLP now owns 308,607 shares of the LED producer’s stock valued at $13,201,000 after acquiring an additional 32,860 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Cree by 9.9% during the 4th quarter. Geode Capital Management LLC now owns 1,158,960 shares of the LED producer’s stock valued at $49,574,000 after acquiring an additional 104,788 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Cree by 8.3% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 15,879 shares of the LED producer’s stock valued at $679,000 after acquiring an additional 1,222 shares in the last quarter. Finally, Natixis Advisors L.P. boosted its holdings in shares of Cree by 2.5% during the 4th quarter. Natixis Advisors L.P. now owns 64,476 shares of the LED producer’s stock valued at $2,758,000 after acquiring an additional 1,575 shares in the last quarter.

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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