Janney Montgomery Scott LLC Has $1.59 Million Stake in Cree, Inc. (NASDAQ:CREE)

Janney Montgomery Scott LLC trimmed its stake in Cree, Inc. (NASDAQ:CREE) by 4.5% in the first quarter, HoldingsChannel.com reports. The firm owned 44,850 shares of the LED producer’s stock after selling 2,117 shares during the period. Janney Montgomery Scott LLC’s holdings in Cree were worth $1,590,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CREE. Allred Capital Management LLC acquired a new stake in Cree in the fourth quarter valued at $30,000. NWK Group Inc. acquired a new stake in Cree in the fourth quarter valued at $32,000. Synovus Financial Corp acquired a new stake in Cree in the first quarter valued at $32,000. Sugarloaf Wealth Management LLC acquired a new stake in Cree in the fourth quarter valued at $43,000. Finally, Global Retirement Partners LLC increased its holdings in Cree by 133.5% in the first quarter. Global Retirement Partners LLC now owns 1,359 shares of the LED producer’s stock valued at $48,000 after purchasing an additional 777 shares during the period. Institutional investors and hedge funds own 97.15% of the company’s stock.

CREE opened at $46.65 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.89 and a quick ratio of 4.22. Cree, Inc. has a fifty-two week low of $27.77 and a fifty-two week high of $66.29. The firm has a market capitalization of $5.05 billion, a PE ratio of -17.47 and a beta of 1.08. The company’s 50-day moving average is $38.10 and its 200 day moving average is $44.29.

Cree (NASDAQ:CREE) last posted its earnings results on Wednesday, April 29th. The LED producer reported ($0.14) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.01. Cree had a negative net margin of 30.11% and a negative return on equity of 3.75%. The company had revenue of $215.50 million for the quarter, compared to analyst estimates of $216.05 million. During the same quarter in the prior year, the business posted $0.20 EPS. The firm’s revenue was down 21.4% compared to the same quarter last year. As a group, analysts expect that Cree, Inc. will post -0.91 EPS for the current year.

A number of analysts have commented on CREE shares. Deutsche Bank cut their price target on shares of Cree from $45.00 to $42.00 and set a “hold” rating on the stock in a research report on Friday, March 27th. Wells Fargo & Co upped their price target on shares of Cree from $35.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. BidaskClub raised shares of Cree from a “hold” rating to a “buy” rating in a research report on Friday, May 1st. TheStreet cut shares of Cree from a “c-” rating to a “d+” rating in a research report on Friday, March 20th. Finally, JPMorgan Chase & Co. upped their price target on shares of Cree from $30.00 to $36.00 and gave the company an “underweight” rating in a research report on Friday, April 17th. Three analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $48.08.

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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Institutional Ownership by Quarter for Cree (NASDAQ:CREE)

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