Stoneridge Investment Partners LLC acquired a new position in shares of Cree, Inc. (NASDAQ:CREE) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 18,555 shares of the LED producer’s stock, valued at approximately $457,000.
Other large investors have also recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Cree by 13,401.9% in the first quarter. BlackRock Inc. now owns 8,080,185 shares of the LED producer’s stock worth $215,984,000 after buying an additional 8,020,340 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Cree by 2.5% in the first quarter. Vanguard Group Inc. now owns 7,990,764 shares of the LED producer’s stock valued at $213,594,000 after buying an additional 195,436 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Cree by 17.9% in the first quarter. Dimensional Fund Advisors LP now owns 6,886,898 shares of the LED producer’s stock valued at $184,088,000 after buying an additional 1,043,768 shares during the last quarter. Fairpointe Capital LLC boosted its position in shares of Cree by 1.3% in the first quarter. Fairpointe Capital LLC now owns 5,577,766 shares of the LED producer’s stock valued at $149,094,000 after buying an additional 71,445 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Cree by 2.9% in the first quarter. State Street Corp now owns 2,970,488 shares of the LED producer’s stock valued at $79,400,000 after buying an additional 82,549 shares during the last quarter. 86.27% of the stock is currently owned by institutional investors.
Shares of Cree, Inc. (NASDAQ CREE) opened at 22.98 on Friday. The company’s 50-day moving average is $25.31 and its 200-day moving average is $25.32. The firm’s market cap is $2.24 billion. Cree, Inc. has a 52 week low of $20.75 and a 52 week high of $31.64.
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Several research analysts have recently issued reports on CREE shares. Roth Capital restated a “buy” rating and issued a $29.00 target price (up previously from $27.00) on shares of Cree in a report on Tuesday, June 20th. Zacks Investment Research upgraded shares of Cree from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 27th. JMP Securities upgraded shares of Cree from a “market perform” rating to an “outperform” rating and upped their target price for the company from $23.81 to $29.00 in a report on Monday, May 22nd. Deutsche Bank AG restated a “hold” rating and issued a $24.00 target price (down previously from $28.00) on shares of Cree in a report on Saturday, April 29th. Finally, BidaskClub upgraded shares of Cree from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. 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 currently has an average rating of “Hold” and an average target price of $25.00.
Cree Company Profile
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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