Cree (CREE) Releases Earnings Results, Beats Estimates By $0.02 EPS

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Cree (NASDAQ:CREE) released its quarterly earnings results on Wednesday. The LED producer reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02, Morningstar.com reports. Cree had a negative net margin of 18.11% and a positive return on equity of 0.90%. The business had revenue of $274.00 million for the quarter, compared to the consensus estimate of $274.73 million. During the same quarter last year, the firm earned $0.04 EPS. Cree’s revenue for the quarter was up 21.7% on a year-over-year basis. Cree updated its Q4 2019 guidance to $0.12-0.16 EPS and its Q4 guidance to $0.12-0.16 EPS.

NASDAQ CREE opened at $66.19 on Friday. The company has a current ratio of 4.33, a quick ratio of 3.27 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $6.82 billion, a price-to-earnings ratio of -441.27, a P/E/G ratio of 8.70 and a beta of 0.69. Cree has a 52-week low of $33.72 and a 52-week high of $69.21.

A number of research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Cree from a “buy” rating to a “hold” rating in a research note on Thursday, April 25th. Cowen set a $55.00 target price on shares of Cree and gave the company a “hold” rating in a research note on Thursday. BidaskClub lowered shares of Cree from a “strong-buy” rating to a “buy” rating in a research note on Friday, April 26th. Canaccord Genuity reiterated a “buy” rating and issued a $81.00 target price (up from $60.00) on shares of Cree in a research note on Monday, April 15th. Finally, Oppenheimer lowered shares of Cree from an “outperform” rating to a “market perform” rating and raised their target price for the company from $58.00 to $64.78 in a research note on Thursday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $58.89.

A number of hedge funds and other institutional investors have recently bought and sold shares of CREE. Quadrant Capital Group LLC lifted its holdings in shares of Cree by 501.1% during the 1st quarter. Quadrant Capital Group LLC now owns 541 shares of the LED producer’s stock worth $29,000 after acquiring an additional 451 shares during the period. James Investment Research Inc. bought a new position in shares of Cree during the 1st quarter worth about $33,000. Capital Investment Advisory Services LLC bought a new position in shares of Cree during the 4th quarter worth about $35,000. Oregon Public Employees Retirement Fund lifted 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 worth $40,000 after acquiring an additional 1,655,251 shares during the period. Finally, FNY Investment Advisers LLC bought a new position in shares of Cree during the 1st quarter worth about $42,000.

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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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Earnings History for Cree (NASDAQ:CREE)

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