Cree Inc. (NASDAQ:CREE) shares fell 1.8% during mid-day trading on Monday . The company traded as low as $25.10 and last traded at $25.15, with a volume of 648,385 shares changing hands. The stock had previously closed at $25.61.

A number of brokerages recently issued reports on CREE. Stephens restated a “buy” rating and set a $40.00 price objective on shares of Cree in a report on Wednesday, April 6th. Bank of America Corp. restated a “hold” rating on shares of Cree in a report on Wednesday, April 6th. Canaccord Genuity decreased their price objective on shares of Cree from $26.00 to $24.00 and set a “hold” rating for the company in a report on Wednesday, April 6th. Summit Research restated a “hold” rating and set a $25.00 price objective (down previously from $30.00) on shares of Cree in a report on Wednesday, April 6th. Finally, Zacks Investment Research cut shares of Cree from a “buy” rating to a “hold” rating in a report on Thursday, April 7th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $33.46.

The company’s 50-day moving average is $24.39 and its 200-day moving average is $26.39. The company’s market cap is $2.52 billion.

Cree (NASDAQ:CREE) last issued its quarterly earnings data on Tuesday, April 26th. The LED producer reported $0.17 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.03. The business had revenue of $367 million for the quarter, compared to analysts’ expectations of $370.49 million. During the same period in the previous year, the firm posted $0.22 EPS. The firm’s revenue for the quarter was down 10.4% compared to the same quarter last year. Analysts predict that Cree Inc. will post $0.86 EPS for the current year.

Other hedge funds and institutional investors have modified their holdings of the company. Cornerstone Capital Management Holdings LLC. acquired a new position in shares of Cree during the fourth quarter valued at approximately $9,013,000. Engineers Gate Manager LP raised its position in shares of Cree by 105.4% in the fourth quarter. Engineers Gate Manager LP now owns 71,657 shares of the LED producer’s stock valued at $1,911,000 after buying an additional 36,773 shares during the last quarter. Mutual of America Capital Management LLC raised its position in shares of Cree by 1.0% in the fourth quarter. Mutual of America Capital Management LLC now owns 69,329 shares of the LED producer’s stock valued at $1,849,000 after buying an additional 720 shares during the last quarter. California Public Employees Retirement System raised its position in shares of Cree by 21.7% in the fourth quarter. California Public Employees Retirement System now owns 721,256 shares of the LED producer’s stock valued at $19,236,000 after buying an additional 128,500 shares during the last quarter. Finally, D L Carlson Investment Group Inc. raised its position in shares of Cree by 17.0% in the fourth quarter. D L Carlson Investment Group Inc. now owns 194,152 shares of the LED producer’s stock valued at $5,178,000 after buying an additional 28,250 shares during the last quarter.

Cree, Inc is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company’s products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems.

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