Cree (CREE) PT Set at $28.00 by JPMorgan Chase & Co.
Cree (NASDAQ:CREE) has been assigned a $28.00 price objective by equities researchers at JPMorgan Chase & Co. in a research report issued on Wednesday. The brokerage currently has a “sell” rating on the LED producer’s stock. JPMorgan Chase & Co.’s price target indicates a potential downside of 13.93% from the company’s current price.
A number of other equities analysts have also weighed in on CREE. Roth Capital set a $35.00 price objective on shares of Cree and gave the company a “buy” rating in a research report on Monday, October 16th. JMP Securities set a $41.00 price objective on shares of Cree and gave the company a “buy” rating in a research report on Wednesday, October 18th. Bank of America boosted their price objective on shares of Cree from $31.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, October 18th. Oppenheimer reissued a “hold” rating on shares of Cree in a research report on Wednesday, October 18th. Finally, Williams Capital lowered shares of Cree from a “hold” rating to a “sell” rating and set a $27.00 price objective for the company. in a research report on Thursday, October 19th. Six research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $30.42.
Cree (NASDAQ CREE) opened at $32.53 on Wednesday. The company has a current ratio of 4.59, a quick ratio of 3.48 and a debt-to-equity ratio of 0.05. The stock has a market cap of $3,230.00, a PE ratio of -28.54 and a beta of 0.94. Cree has a 52-week low of $20.50 and a 52-week high of $40.24.
A number of hedge funds have recently modified their holdings of CREE. Iridian Asset Management LLC CT acquired a new position in Cree during the fourth quarter worth approximately $53,313,000. State Street Corp increased its position in Cree by 24.2% during the second quarter. State Street Corp now owns 3,688,186 shares of the LED producer’s stock worth $90,915,000 after purchasing an additional 717,698 shares during the last quarter. Victory Capital Management Inc. acquired a new position in Cree during the third quarter worth approximately $13,405,000. Dimensional Fund Advisors LP increased its position in Cree by 5.6% during the third quarter. Dimensional Fund Advisors LP now owns 8,220,052 shares of the LED producer’s stock worth $231,723,000 after purchasing an additional 435,401 shares during the last quarter. Finally, Artisan Partners Limited Partnership acquired a new position in Cree during the third quarter worth approximately $11,261,000. 98.99% of the stock is owned by hedge funds and other institutional investors.
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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