Cree (NASDAQ:CREE) Price Target Cut to $50.00

Cree (NASDAQ:CREE) had its target price trimmed by BMO Capital Markets from $55.00 to $50.00 in a research note published on Wednesday morning, BenzingaRatingsTable reports. The firm currently has a market perform rating on the LED producer’s stock.

A number of other equities analysts have also recently issued reports on CREE. Oppenheimer cut Cree from an outperform rating to a market perform rating and upped their price objective for the stock from $58.00 to $64.78 in a report on Thursday, May 2nd. CIBC reiterated a market perform rating on shares of Cree in a report on Thursday, May 2nd. JMP Securities cut Cree from an outperform rating to a market perform rating in a report on Wednesday. Roth Capital cut their price objective on Cree from $73.00 to $67.00 and set a buy rating for the company in a report on Thursday, June 13th. Finally, Cowen set a $55.00 price objective on Cree and gave the stock a hold rating in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $59.81.

CREE opened at $47.10 on Wednesday. The stock has a 50-day moving average price of $59.03 and a 200-day moving average price of $58.53. Cree has a 12-month low of $33.72 and a 12-month high of $69.21. The company has a current ratio of 5.27, a quick ratio of 3.97 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $5.11 billion, a P/E ratio of 183.85, a PEG ratio of 5.02 and a beta of 0.78.

Cree (NASDAQ:CREE) last posted its quarterly earnings data on Tuesday, August 20th. The LED producer reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.09). Cree had a positive return on equity of 1.23% and a negative net margin of 27.86%. The firm had revenue of $251.00 million during the quarter, compared to analysts’ expectations of $248.95 million. During the same quarter in the previous year, the company posted $0.11 earnings per share. Cree’s revenue for the quarter was down 5.6% compared to the same quarter last year. On average, equities research analysts predict that Cree will post -0.2 EPS for the current year.

A number of hedge funds have recently modified their holdings of the stock. Prudential Financial Inc. boosted its holdings in Cree by 0.3% during the 2nd quarter. Prudential Financial Inc. now owns 65,596 shares of the LED producer’s stock valued at $3,685,000 after acquiring an additional 170 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Cree by 1.1% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,185 shares of the LED producer’s stock valued at $1,041,000 after acquiring an additional 189 shares during the period. State Treasurer State of Michigan boosted its holdings in Cree by 0.5% during the 1st quarter. State Treasurer State of Michigan now owns 40,430 shares of the LED producer’s stock valued at $2,313,000 after acquiring an additional 200 shares during the period. Municipal Employees Retirement System of Michigan boosted its holdings in Cree by 1.1% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 19,080 shares of the LED producer’s stock valued at $1,072,000 after acquiring an additional 200 shares during the period. Finally, Vestmark Advisory Solutions Inc. boosted its holdings in Cree by 1.6% during the 2nd quarter. Vestmark Advisory Solutions Inc. now owns 13,582 shares of the LED producer’s stock valued at $763,000 after acquiring an additional 212 shares during the period.

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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