Cree (CREE) Rating Increased to Buy at Goldman Sachs Group

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Cree (NASDAQ:CREE) was upgraded by Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday, MarketBeat reports. The brokerage presently has a $58.00 target price on the LED producer’s stock. Goldman Sachs Group’s price target indicates a potential upside of 33.43% from the company’s previous close.

CREE has been the topic of several other reports. BidaskClub downgraded shares of Cree from a “buy” rating to a “hold” rating in a research note on Tuesday, September 11th. Zacks Investment Research raised shares of Cree from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a research note on Monday, October 15th. ValuEngine downgraded shares of Cree from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Roth Capital set a $50.00 target price on shares of Cree and gave the stock a “hold” rating in a research note on Wednesday, August 15th. Finally, JPMorgan Chase & Co. raised shares of Cree from an “underweight” rating to a “neutral” rating and set a $35.00 target price on the stock in a research note on Tuesday, October 9th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company. Cree has an average rating of “Hold” and an average target price of $45.21.

CREE stock opened at $43.47 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.15 and a current ratio of 4.19. Cree has a one year low of $30.78 and a one year high of $51.78.

Cree (NASDAQ:CREE) last issued its earnings results on Tuesday, October 16th. The LED producer reported $0.22 EPS for the quarter, topping the consensus estimate of $0.12 by $0.10. Cree had a negative net margin of 17.60% and a negative return on equity of 0.10%. The company had revenue of $408.28 million for the quarter, compared to the consensus estimate of $407.32 million. During the same period in the previous year, the firm earned $0.04 earnings per share. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. Research analysts forecast that Cree will post 0.33 earnings per share for the current fiscal year.

In related news, EVP David Todd Emerson sold 22,500 shares of Cree stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $45.84, for a total value of $1,031,400.00. Following the sale, the executive vice president now owns 159,097 shares in the company, valued at $7,293,006.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.55% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. State Treasurer State of Michigan boosted its holdings in shares of Cree by 3.4% during the 2nd quarter. State Treasurer State of Michigan now owns 37,000 shares of the LED producer’s stock valued at $1,538,000 after buying an additional 1,200 shares in the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of Cree by 5.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 27,100 shares of the LED producer’s stock valued at $1,127,000 after buying an additional 1,300 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Cree by 7.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 18,670 shares of the LED producer’s stock valued at $707,000 after buying an additional 1,300 shares in the last quarter. Aperio Group LLC boosted its holdings in shares of Cree by 3.4% during the 3rd quarter. Aperio Group LLC now owns 41,124 shares of the LED producer’s stock valued at $1,557,000 after buying an additional 1,354 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its holdings in shares of Cree by 1.1% during the 3rd quarter. Retirement Systems of Alabama now owns 131,546 shares of the LED producer’s stock valued at $4,982,000 after buying an additional 1,398 shares in the last quarter.

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. 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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