Cree was Downgraded to a Hold Rating at Stephens

Cree (NASDAQ: CREE) received a Hold rating from Stephens analyst Harsh Kumar today. The company’s shares closed yesterday at $25.20.

According to TipRanks.com, Kumar is a 4-star analyst with an average return of 15.0% and a 70.0% success rate. Kumar covers the Technology sector, focusing on stocks such as Integrated Device Tech, M/A-Com Technology, and Skyworks Solutions.

Currently, the analyst consensus on Cree is Hold and the average price target is $21.50, representing a -14.7% downside.

In a report issued on October 13, Canaccord Genuity also reiterated a Hold rating on the stock with a $22 price target.

Based on Cree’s latest earnings report from June 30, the company posted quarterly revenue of $388.4M and quarterly net profit of -$10.64M. In comparison, last year the company earned revenue of $425.5M and had a net profit of -$23.62M.

Based on the recent corporate insider activity of 22 insiders, corporate insider sentiment is neutral on the stock. Most recently, in December 2015, Robert Alexander Ingram, a a Director at CREE sold 3,750 shares for a total of $103,725.

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.