Janney Montgomery Scott LLC Increases Stake in Cree, Inc. (CREE)
Janney Montgomery Scott LLC raised its stake in Cree, Inc. (NASDAQ:CREE) by 14.2% during the second quarter, Holdings Channel reports. The firm owned 40,033 shares of the LED producer’s stock after buying an additional 4,989 shares during the period. Janney Montgomery Scott LLC’s holdings in Cree were worth $987,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in CREE. Norges Bank acquired a new stake in Cree during the fourth quarter valued at $14,662,000. Morgan Stanley raised its stake in Cree by 9.0% in the first quarter. Morgan Stanley now owns 837,690 shares of the LED producer’s stock valued at $22,391,000 after buying an additional 68,829 shares during the period. Stephens Inc. AR raised its stake in Cree by 87.4% in the first quarter. Stephens Inc. AR now owns 38,672 shares of the LED producer’s stock valued at $1,034,000 after buying an additional 18,037 shares during the period. Wells Fargo & Company MN raised its stake in Cree by 11.3% in the first quarter. Wells Fargo & Company MN now owns 895,305 shares of the LED producer’s stock valued at $23,932,000 after buying an additional 90,630 shares during the period. Finally, Teachers Advisors LLC raised its stake in Cree by 5.6% in the fourth quarter. Teachers Advisors LLC now owns 107,133 shares of the LED producer’s stock valued at $2,827,000 after buying an additional 5,650 shares during the period. Hedge funds and other institutional investors own 86.27% of the company’s stock.
Cree, Inc. (NASDAQ:CREE) opened at 22.98 on Friday. Cree, Inc. has a 12-month low of $20.75 and a 12-month high of $31.64. The company’s market capitalization is $2.24 billion. The stock has a 50 day moving average of $25.31 and a 200 day moving average of $25.32.
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Several equities research analysts recently weighed in on CREE shares. Zacks Investment Research upgraded shares of Cree from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 27th. BidaskClub lowered shares of Cree from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Williams Capital dropped their price objective on shares of Cree from $27.00 to $25.00 and set a “hold” rating on the stock in a research note on Wednesday, April 26th. Deutsche Bank AG reiterated a “hold” rating and set a $24.00 price objective (down previously from $28.00) on shares of Cree in a research note on Saturday, April 29th. Finally, Canaccord Genuity reiterated a “hold” rating and set a $23.00 price objective on shares of Cree in a research note on Friday, April 21st. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the stock. The stock presently 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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