California Public Employees Retirement System decreased its holdings in Cree, Inc. (NASDAQ:CREE) by 2.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 163,694 shares of the LED producer’s stock after selling 3,403 shares during the quarter. California Public Employees Retirement System’s holdings in Cree were worth $9,367,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in CREE. D L Carlson Investment Group Inc. lifted its position in shares of Cree by 24.6% during the 1st quarter. D L Carlson Investment Group Inc. now owns 213,658 shares of the LED producer’s stock worth $12,226,000 after buying an additional 42,240 shares in the last quarter. Texas Permanent School Fund lifted its position in shares of Cree by 4.4% during the 1st quarter. Texas Permanent School Fund now owns 70,087 shares of the LED producer’s stock worth $4,010,000 after buying an additional 2,974 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Cree by 2.8% during the 1st quarter. Rhumbline Advisers now owns 339,834 shares of the LED producer’s stock worth $19,445,000 after buying an additional 9,229 shares in the last quarter. Alps Advisors Inc. lifted its position in shares of Cree by 44.2% during the 1st quarter. Alps Advisors Inc. now owns 28,133 shares of the LED producer’s stock worth $1,610,000 after buying an additional 8,618 shares in the last quarter. Finally, Eagle Asset Management Inc. bought a new position in shares of Cree during the 1st quarter worth approximately $37,330,000.
In other Cree news, Director Duy Loan T. Le acquired 2,000 shares of Cree stock in a transaction that occurred on Monday, May 20th. The stock was acquired at an average cost of $60.07 per share, for a total transaction of $120,140.00. Following the purchase, the director now owns 8,442 shares of the company’s stock, valued at $507,110.94. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.55% of the stock is currently owned by insiders.
Several equities analysts have commented on CREE shares. BidaskClub raised shares of Cree from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 29th. JMP Securities lowered shares of Cree from an “outperform” rating to a “market perform” rating and set a $49.32 price target for the company. in a research note on Tuesday, January 29th. They noted that the move was a valuation call. Oppenheimer raised their price target on shares of Cree from $53.00 to $59.00 and gave the stock an “outperform” rating in a research note on Thursday, January 31st. Zacks Investment Research lowered shares of Cree from a “buy” rating to a “hold” rating in a research note on Tuesday, April 2nd. Finally, Canaccord Genuity restated a “buy” rating and set a $81.00 price target (up previously from $60.00) on shares of Cree in a research note on Monday, April 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Cree presently has an average rating of “Hold” and an average price target of $58.89.
Shares of CREE stock opened at $57.53 on Friday. The company has a quick ratio of 3.97, a current ratio of 4.48 and a debt-to-equity ratio of 0.22. Cree, Inc. has a 12-month low of $33.72 and a 12-month high of $69.21. The company has a market cap of $6.05 billion, a PE ratio of -383.53, a P/E/G ratio of 7.36 and a beta of 0.69.
Cree (NASDAQ:CREE) last issued its quarterly earnings results on Wednesday, May 1st. The LED producer reported $0.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.02. Cree had a negative net margin of 18.25% and a positive return on equity of 1.59%. The company had revenue of $274.00 million during the quarter, compared to analyst estimates of $274.73 million. During the same quarter last year, the business posted $0.04 EPS. Cree’s quarterly revenue was up 21.7% compared to the same quarter last year. Equities analysts forecast that Cree, Inc. will post 0.4 earnings per share for the current fiscal year.
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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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