Perigon Wealth Management LLC lifted its stake in Cree, Inc. (NASDAQ:CREE) by 8.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,969 shares of the LED producer’s stock after buying an additional 306 shares during the period. Perigon Wealth Management LLC’s holdings in Cree were worth $429,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. Bank of Montreal Can grew its position in Cree by 21.8% in the first quarter. Bank of Montreal Can now owns 9,958 shares of the LED producer’s stock valued at $1,145,000 after acquiring an additional 1,783 shares during the period. Rhumbline Advisers grew its holdings in shares of Cree by 1.9% in the 1st quarter. Rhumbline Advisers now owns 302,619 shares of the LED producer’s stock worth $32,722,000 after purchasing an additional 5,593 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Cree by 178.9% during the 4th quarter. Hsbc Holdings PLC now owns 11,844 shares of the LED producer’s stock worth $1,270,000 after purchasing an additional 7,598 shares in the last quarter. UBS Group AG lifted its holdings in Cree by 127.5% during the 1st quarter. UBS Group AG now owns 216,154 shares of the LED producer’s stock valued at $23,373,000 after purchasing an additional 121,152 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in Cree during the 1st quarter valued at about $2,227,000.
CREE has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Cree from $100.00 to $110.00 and gave the stock a “hold” rating in a report on Friday, April 9th. Wells Fargo & Company lifted their price target on Cree from $100.00 to $115.00 and gave the company an “equal weight” rating in a report on Thursday, April 8th. Morgan Stanley upped their price target on shares of Cree from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Monday, April 26th. Canaccord Genuity raised their price objective on shares of Cree from $126.00 to $132.00 and gave the company a “buy” rating in a research report on Monday, July 12th. Finally, JPMorgan Chase & Co. raised shares of Cree from an “underweight” rating to a “neutral” rating in a research note on Monday, May 10th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Cree has a consensus rating of “Hold” and an average target price of $115.92.
Cree (NASDAQ:CREE) last issued its earnings results on Wednesday, April 28th. The LED producer reported ($0.22) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.09. The firm had revenue of $137.30 million for the quarter, compared to analysts’ expectations of $130.39 million. Cree had a negative return on equity of 6.87% and a negative net margin of 60.56%. The company’s revenue was up 20.5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.17) earnings per share. Analysts forecast that Cree, Inc. will post -1.38 EPS for the current fiscal year.
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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