Canaccord Genuity Issues a Hold Rating on Cree

By Jason Carr

Canaccord Genuity analyst John Quealy reiterated a Hold rating on Cree (NASDAQ: CREE) yesterday and set a price target of $23. The company’s shares closed yesterday at $24.81.

According to TipRanks.com, Quealy is a 4-star analyst with an average return of 5.2% and a 51.8% success rate. Quealy covers the Industrial Goods sector, focusing on stocks such as Emerson Electric Company, Darling Ingredients, and Ceco Environmental.

Cree has an analyst consensus of Moderate Buy, with a price target consensus of $23.

Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CREE in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Cree, Inc. operates as innovator of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. It operates through the following segments: LED Products, Lighting Products, Power and RF Products segments. The LED Products segment includes LED chips, LED components and SiC materials. The Lighting Products segment consists of LED lighting systems and bulbs for the commercial, industrial and consumer markets. The Power and RF Products segment includes power devices and RF devices. The company was founded by Calvin H. Carter Jr., John W. Palmour, F. Neal Hunter, Eric Hunter and John Edmond in 1987 and is headquartered in Durham, NC.