Panagora Asset Management Inc. boosted its position in Cree, Inc. (NASDAQ:CREE) by 14.2% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 16,866 shares of the LED producer’s stock after acquiring an additional 2,099 shares during the period. Panagora Asset Management Inc.’s holdings in Cree were worth $948,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Millennium Management LLC purchased a new position in Cree in the 4th quarter worth approximately $625,000. Geode Capital Management LLC increased its stake in shares of Cree by 9.9% during the fourth quarter. Geode Capital Management LLC now owns 1,158,960 shares of the LED producer’s stock valued at $49,574,000 after buying an additional 104,788 shares during the period. Retirement Systems of Alabama increased its stake in shares of Cree by 1.1% during the first quarter. Retirement Systems of Alabama now owns 134,372 shares of the LED producer’s stock valued at $7,689,000 after buying an additional 1,407 shares during the period. Strs Ohio grew its stake in Cree by 10.8% in the first quarter. Strs Ohio now owns 17,500 shares of the LED producer’s stock worth $1,001,000 after purchasing an additional 1,700 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its stake in Cree by 34.5% in the first quarter. Oppenheimer Asset Management Inc. now owns 11,053 shares of the LED producer’s stock worth $633,000 after purchasing an additional 2,836 shares during the period.

Several equities research analysts recently weighed in on CREE shares. CIBC reaffirmed a “market perform” rating on shares of Cree in a research note on Thursday, May 2nd. BMO Capital Markets reduced their price target on Cree from $55.00 to $50.00 and set a “market perform” rating on the stock in a research note on Wednesday. BidaskClub cut Cree from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Canaccord Genuity reissued a “buy” rating and issued a $72.00 target price (down from $78.00) on shares of Cree in a report on Wednesday. Finally, Citigroup downgraded Cree from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Cree has a consensus rating of “Hold” and an average price target of $60.07.

Shares of NASDAQ:CREE traded down $9.04 on Wednesday, reaching $49.20. The company had a trading volume of 752,143 shares, compared to its average volume of 1,019,239. Cree, Inc. has a 52-week low of $33.72 and a 52-week high of $69.21. The firm’s 50 day simple moving average is $59.67 and its 200-day simple moving average is $58.57. The firm has a market capitalization of $6.19 billion, a PE ratio of -328.27, a PEG ratio of 6.18 and a beta of 0.78. The company has a current ratio of 4.48, a quick ratio of 3.97 and a debt-to-equity ratio of 0.22.

Cree (NASDAQ:CREE) last posted its quarterly earnings data on Tuesday, August 20th. The LED producer reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.09). Cree had a positive return on equity of 1.59% and a negative net margin of 18.25%. The firm had revenue of $251.00 million for the quarter, compared to analysts’ expectations of $248.95 million. During the same quarter last year, the firm posted $0.11 earnings per share. Cree’s quarterly revenue was down 5.6% on a year-over-year basis. As a group, equities research analysts predict that Cree, Inc. will post 0.36 earnings per share for the current year.

Cree 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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