Jacobi Capital Management LLC Lowers Stake in Cree, Inc. (NASDAQ:CREE)

Jacobi Capital Management LLC reduced its holdings in shares of Cree, Inc. (NASDAQ:CREE) by 26.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 305 shares of the LED producer’s stock after selling 109 shares during the period. Jacobi Capital Management LLC’s holdings in Cree were worth $33,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Norges Bank purchased a new position in Cree during the 4th quarter worth $294,455,000. Alliancebernstein L.P. boosted its holdings in shares of Cree by 19.7% in the first quarter. Alliancebernstein L.P. now owns 1,871,934 shares of the LED producer’s stock valued at $202,412,000 after acquiring an additional 307,515 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Cree by 1.1% in the fourth quarter. Northern Trust Corp now owns 877,317 shares of the LED producer’s stock valued at $92,908,000 after acquiring an additional 9,428 shares in the last quarter. Korea Investment CORP boosted its holdings in shares of Cree by 7.0% in the fourth quarter. Korea Investment CORP now owns 775,882 shares of the LED producer’s stock valued at $82,166,000 after acquiring an additional 50,582 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Cree by 122.3% in the first quarter. Principal Financial Group Inc. now owns 740,523 shares of the LED producer’s stock valued at $80,072,000 after acquiring an additional 407,464 shares in the last quarter.

Shares of CREE opened at $98.50 on Friday. The company has a current ratio of 4.18, a quick ratio of 3.79 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $11.37 billion, a PE ratio of -26.27 and a beta of 1.51. The business’s 50-day simple moving average is $102.14. Cree, Inc. has a 12-month low of $56.39 and a 12-month high of $129.90.

Cree (NASDAQ:CREE) last announced its earnings results on Wednesday, April 28th. The LED producer reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.09. The company had revenue of $137.30 million during the quarter, compared to analysts’ expectations of $130.39 million. Cree had a negative net margin of 60.56% and a negative return on equity of 6.87%. The firm’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.17) earnings per share. Research analysts predict that Cree, Inc. will post -1.38 earnings per share for the current fiscal year.

CREE has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Cree from $100.00 to $110.00 and gave the company a “hold” rating in a report on Friday, April 9th. Morgan Stanley lifted their target price on shares of Cree from $93.00 to $100.00 and gave the company an “equal weight” rating in a report on Monday, April 26th. Citigroup raised shares of Cree from a “neutral” rating to a “buy” rating and lifted their target price for the company from $105.00 to $160.00 in a report on Wednesday, February 17th. Bank of America initiated coverage on shares of Cree in a research note on Monday, March 1st. They issued a “buy” rating and a $140.00 price objective for the company. Finally, New Street Research initiated coverage on shares of Cree in a research note on Monday, March 29th. They issued a “buy” rating and a $120.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $115.46.

Cree Profile

Cree, Inc provides lighting-class light emitting diode (LED) and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, and internationally. It operates in two segments, Wolfspeed and LED Products. The Wolfspeed segment offers silicon carbide (SiC) materials for RF, power switching, gemstones, and other applications.

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Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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