Reliance Trust Co. of Delaware boosted its position in Cree, Inc. (NASDAQ:CREE) by 0.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,110 shares of the LED producer’s stock after buying an additional 18 shares during the period. Reliance Trust Co. of Delaware’s holdings in Cree were worth $421,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Advisory Services Network LLC acquired a new stake in shares of Cree during the first quarter valued at $134,000. Strs Ohio acquired a new stake in shares of Cree during the second quarter valued at $140,000. LS Investment Advisors LLC boosted its position in shares of Cree by 17.9% in the second quarter. LS Investment Advisors LLC now owns 7,643 shares of the LED producer’s stock valued at $188,000 after buying an additional 1,160 shares during the period. Oppenheimer Asset Management Inc. purchased a new position in shares of Cree during the first quarter valued at about $249,000. Finally, Wrapmanager Inc. boosted its position in shares of Cree by 10.1% in the first quarter. Wrapmanager Inc. now owns 10,727 shares of the LED producer’s stock worth $287,000 after buying an additional 988 shares during the last quarter. 86.27% of the stock is currently owned by institutional investors.
Cree, Inc. (NASDAQ:CREE) traded up 0.79% on Friday, reaching $22.98. The company’s stock had a trading volume of 941,935 shares. The firm’s market cap is $2.24 billion. The firm’s 50 day moving average is $25.31 and its 200-day moving average is $25.32. Cree, Inc. has a 12 month low of $20.75 and a 12 month high of $31.64.
CREE has been the topic of a number of recent research reports. Roth Capital restated a “buy” rating and issued a $29.00 target price (up from $27.00) on shares of Cree in a report on Tuesday, June 20th. Canaccord Genuity reaffirmed a “hold” rating and issued a $23.00 target price on shares of Cree in a research report on Friday, April 21st. BidaskClub raised Cree from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Deutsche Bank AG reissued a “hold” rating and set a $24.00 price objective (down previously from $28.00) on shares of Cree in a research report on Saturday, April 29th. Finally, Cowen and Company reissued a “market perform” rating on shares of Cree in a research report on Wednesday, April 26th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company. Cree has an average rating of “Hold” and a consensus target price of $25.00.
Cree, Inc is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company’s products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems.
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