Cree (CREE) Given a $38.00 Price Target by Cowen Analysts
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.
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.
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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