ING Groep NV purchased a new stake in Cree, Inc. (NASDAQ:CREE) during the second quarter, Holdings Channel reports. The firm purchased 11,835 shares of the LED producer’s stock, valued at approximately $292,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Advisory Services Network LLC bought a new position in Cree during the first quarter valued at approximately $134,000. LS Investment Advisors LLC raised its position in shares of Cree by 17.9% in the second quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock valued at $188,000 after buying an additional 1,160 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Cree during the first quarter valued at about $249,000. Wrapmanager Inc. raised its position in shares of Cree by 10.1% in the first quarter. Wrapmanager Inc. now owns 10,727 shares of the LED producer’s stock valued at $287,000 after buying an additional 988 shares in the last quarter. Finally, JPMorgan Chase & Co. acquired a new position in shares of Cree during the first quarter valued at about $346,000. 86.27% of the stock is owned by hedge funds and other institutional investors.

Shares of Cree, Inc. (NASDAQ:CREE) traded down 2.13% during mid-day trading on Thursday, hitting $23.00. The stock had a trading volume of 315,794 shares. The firm has a 50 day moving average price of $25.41 and a 200 day moving average price of $25.37. Cree, Inc. has a 52-week low of $20.75 and a 52-week high of $31.64. The firm’s market cap is $2.24 billion.

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Several research analysts recently issued reports on CREE shares. Roth Capital reaffirmed a “buy” rating and set a $29.00 target price (up from $27.00) on shares of Cree in a research report on Tuesday, June 20th. Canaccord Genuity reaffirmed a “hold” rating and set a $23.00 target price on shares of Cree in a research report on Friday, April 21st. BidaskClub raised Cree from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Deutsche Bank AG reaffirmed a “hold” rating and set a $24.00 target price (down from $28.00) on shares of Cree in a research report on Saturday, April 29th. Finally, Cowen and Company reaffirmed a “market perform” rating on shares of Cree in a research report on Wednesday, April 26th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $25.00.

Cree Company Profile

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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Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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