Cree (NASDAQ:CREE) received a $38.00 price objective from research analysts at Cowen in a research note issued on Thursday, The Fly reports. The firm currently has a “hold” rating on the LED producer’s stock. Cowen’s price objective would indicate a potential upside of 9.95% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the stock. Canaccord Genuity set a $60.00 price objective on shares of Cree and gave the company a “buy” rating in a research note on Tuesday, August 14th. BidaskClub upgraded shares of Cree from a “hold” rating to a “buy” rating in a research note on Tuesday, August 7th. Zacks Investment Research cut shares of Cree from a “buy” rating to a “hold” rating in a research note on Tuesday, June 26th. ValuEngine upgraded shares of Cree from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 18th. Finally, JPMorgan Chase & Co. upgraded shares of Cree from an “underweight” rating to a “neutral” rating and set a $35.00 price objective for the company in a research note on Tuesday. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $43.92.

Cree stock traded up $0.84 during mid-day trading on Thursday, reaching $34.56. The company had a trading volume of 1,770,190 shares, compared to its average volume of 1,408,227. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.58 and a quick ratio of 2.39. Cree has a 52 week low of $28.92 and a 52 week high of $51.78. The company has a market cap of $3.85 billion, a PE ratio of -230.40 and a beta of 0.55.

Cree (NASDAQ:CREE) last issued its quarterly earnings results on Tuesday, August 14th. The LED producer reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.03. Cree had a negative net margin of 18.74% and a negative return on equity of 0.74%. The firm had revenue of $409.45 million during the quarter, compared to the consensus estimate of $399.69 million. During the same period in the prior year, the firm earned $0.04 EPS. The business’s revenue was up 14.1% on a year-over-year basis. Analysts expect that Cree will post 0.13 earnings per share for the current fiscal year.

In related news, EVP David Todd Emerson sold 22,500 shares of the stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $45.84, for a total transaction of $1,031,400.00. Following the completion of the sale, the executive vice president now owns 159,097 shares in the company, valued at approximately $7,293,006.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.55% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. United Services Automobile Association increased its position in shares of Cree by 15.8% during the 2nd quarter. United Services Automobile Association now owns 19,327 shares of the LED producer’s stock worth $803,000 after purchasing an additional 2,634 shares in the last quarter. Northern Trust Corp increased its position in shares of Cree by 4.2% during the 2nd quarter. Northern Trust Corp now owns 1,491,816 shares of the LED producer’s stock worth $62,015,000 after purchasing an additional 60,517 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Cree by 60.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,836,186 shares of the LED producer’s stock worth $76,330,000 after purchasing an additional 690,208 shares in the last quarter. WINTON GROUP Ltd increased its position in shares of Cree by 36.3% during the 2nd quarter. WINTON GROUP Ltd now owns 371,643 shares of the LED producer’s stock worth $15,449,000 after purchasing an additional 98,889 shares in the last quarter. Finally, Global X Management Co LLC acquired a new stake in shares of Cree during the 2nd quarter worth about $269,000.

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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Analyst Recommendations for Cree (NASDAQ:CREE)

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