Canaccord Genuity Reaffirms “Buy” Rating for Cree (CREE)

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Canaccord Genuity reissued their buy rating on shares of Cree (NASDAQ:CREE) in a research report report published on Thursday morning, The Fly reports. Canaccord Genuity currently has a $78.00 target price on the LED producer’s stock, down from their previous target price of $81.00.

CREE has been the topic of a number of other research reports. JMP Securities downgraded Cree from an outperform rating to a market perform rating and set a $49.32 target price on the stock. in a report on Tuesday, January 29th. They noted that the move was a valuation call. Zacks Investment Research downgraded Cree from a buy rating to a hold rating in a report on Wednesday, April 10th. TheStreet raised Cree from a c rating to a b- rating in a report on Wednesday, January 9th. Oppenheimer raised their price objective on Cree from $53.00 to $59.00 and gave the company an outperform rating in a report on Thursday, January 31st. Finally, BidaskClub downgraded Cree from a strong-buy rating to a buy rating in a report on Friday, April 26th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Cree has an average rating of Hold and an average price target of $58.89.

Shares of CREE stock traded up $2.02 during trading hours on Thursday, reaching $68.21. The company’s stock had a trading volume of 2,440,154 shares, compared to its average volume of 1,410,439. The company has a market cap of $6.82 billion, a PE ratio of -454.73, a P/E/G ratio of 8.70 and a beta of 0.69. Cree has a fifty-two week low of $33.72 and a fifty-two week high of $69.21. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.27 and a current ratio of 4.33.

Cree (NASDAQ:CREE) last issued its earnings results on Wednesday, May 1st. The LED producer reported $0.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.02. The firm had revenue of $274.00 million for the quarter, compared to the consensus estimate of $274.73 million. Cree had a positive return on equity of 0.90% and a negative net margin of 18.11%. The company’s revenue was up 21.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.04 EPS. On average, equities analysts predict that Cree will post 0.38 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CREE. Oregon Public Employees Retirement Fund boosted its holdings in shares of Cree by 4,177.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,694,874 shares of the LED producer’s stock valued at $40,000 after acquiring an additional 1,655,251 shares in the last quarter. Norges Bank acquired a new stake in shares of Cree during the 4th quarter valued at $47,772,000. TIAA CREF Investment Management LLC boosted its holdings in shares of Cree by 168.2% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 1,325,666 shares of the LED producer’s stock valued at $50,203,000 after acquiring an additional 831,439 shares in the last quarter. Eagle Asset Management Inc. acquired a new stake in shares of Cree during the 1st quarter valued at $37,330,000. Finally, Vanguard Group Inc boosted its holdings in shares of Cree by 6.9% during the 3rd quarter. Vanguard Group Inc now owns 9,837,558 shares of the LED producer’s stock valued at $372,548,000 after acquiring an additional 632,086 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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