Cree (CREE) Downgraded to Buy at BidaskClub

BidaskClub cut shares of Cree (NASDAQ:CREE) from a strong-buy rating to a buy rating in a research note published on Friday.

Several other equities analysts have also recently issued reports on CREE. Zacks Investment Research upgraded shares of Cree from a hold rating to a buy rating and set a $43.00 price target for the company in a research report on Monday, April 30th. Deutsche Bank set a $52.00 price target on shares of Cree and gave the company a buy rating in a research report on Tuesday, March 20th. ValuEngine upgraded shares of Cree from a hold rating to a buy rating in a research report on Monday, April 2nd. KeyCorp restated a hold rating on shares of Cree in a research report on Wednesday, March 7th. Finally, Williams Capital restated a hold rating and issued a $38.00 price target (up from $36.00) on shares of Cree in a research report on Wednesday, March 7th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $37.20.

Cree opened at $47.66 on Friday, MarketBeat Ratings reports. The company has a market cap of $4.83 billion, a P/E ratio of 250.84 and a beta of 0.67. Cree has a 1 year low of $20.50 and a 1 year high of $50.67. The company has a quick ratio of 2.46, a current ratio of 3.74 and a debt-to-equity ratio of 0.15.



Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, April 24th. The LED producer reported $0.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.03. The business had revenue of $355.96 million during the quarter, compared to analysts’ expectations of $347.38 million. Cree had a negative net margin of 17.50% and a negative return on equity of 1.10%. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.01 EPS. research analysts expect that Cree will post -0.24 earnings per share for the current fiscal year.

In other news, insider Michael E. Mcdevitt sold 7,000 shares of the company’s stock in a transaction on Thursday, April 26th. The shares were sold at an average price of $39.36, for a total value of $275,520.00. Following the sale, the insider now directly owns 169,924 shares of the company’s stock, valued at approximately $6,688,208.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 1.10% of the company’s stock.

Several large investors have recently bought and sold shares of CREE. Teacher Retirement System of Texas boosted its stake in shares of Cree by 311.7% in the 4th quarter. Teacher Retirement System of Texas now owns 33,080 shares of the LED producer’s stock valued at $1,229,000 after purchasing an additional 25,045 shares during the last quarter. M&T Bank Corp bought a new stake in shares of Cree in the 4th quarter valued at $237,000. Swiss National Bank boosted its stake in shares of Cree by 2.6% in the 4th quarter. Swiss National Bank now owns 166,441 shares of the LED producer’s stock valued at $6,182,000 after purchasing an additional 4,200 shares during the last quarter. New Mexico Educational Retirement Board bought a new stake in shares of Cree in the 4th quarter valued at $899,000. Finally, Sei Investments Co. boosted its stake in shares of Cree by 390.8% in the 4th quarter. Sei Investments Co. now owns 108,261 shares of the LED producer’s stock valued at $4,021,000 after purchasing an additional 86,201 shares during the last quarter. 98.73% of the stock is currently owned by institutional investors.

Cree Company Profile

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. Its Lighting Products segment offers LED lighting systems and bulbs for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting and parking structures, and other applications.

Analyst Recommendations for Cree (NASDAQ:CREE)

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