Commonwealth Equity Services LLC raised its position in Wolfspeed, Inc. (NYSE:WOLF – Get Rating) by 7.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,705 shares of the company’s stock after acquiring an additional 1,557 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Wolfspeed were worth $2,243,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of WOLF. Eagle Asset Management Inc. grew its holdings in Wolfspeed by 1.6% during the third quarter. Eagle Asset Management Inc. now owns 848,442 shares of the company’s stock worth $87,694,000 after purchasing an additional 13,022 shares during the period. Handelsbanken Fonder AB boosted its stake in shares of Wolfspeed by 104.6% during the 3rd quarter. Handelsbanken Fonder AB now owns 646,554 shares of the company’s stock worth $66,828,000 after acquiring an additional 330,582 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Wolfspeed by 1.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 603,777 shares of the company’s stock worth $62,409,000 after acquiring an additional 10,333 shares during the last quarter. Hardman Johnston Global Advisors LLC raised its stake in Wolfspeed by 15.9% in the 3rd quarter. Hardman Johnston Global Advisors LLC now owns 507,402 shares of the company’s stock valued at $52,445,000 after acquiring an additional 69,540 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Wolfspeed by 38,868.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 446,972 shares of the company’s stock valued at $46,198,000 after purchasing an additional 445,825 shares during the last quarter.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on WOLF shares. Citigroup dropped their price objective on shares of Wolfspeed from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, January 27th. Morgan Stanley reduced their price objective on Wolfspeed from $88.00 to $80.00 in a report on Thursday, January 26th. Susquehanna Bancshares began coverage on Wolfspeed in a report on Monday, December 12th. They set a “neutral” rating and a $90.00 price target for the company. Deutsche Bank Aktiengesellschaft decreased their price objective on Wolfspeed from $90.00 to $80.00 in a report on Wednesday, January 11th. Finally, JPMorgan Chase & Co. dropped their target price on Wolfspeed from $106.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, January 26th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $100.94.
Wolfspeed Stock Performance
Wolfspeed (NYSE:WOLF – Get Rating) last posted its quarterly earnings results on Wednesday, January 25th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. The company had revenue of $216.10 million for the quarter, compared to the consensus estimate of $225.62 million. Wolfspeed had a negative net margin of 18.90% and a negative return on equity of 4.40%. On average, analysts anticipate that Wolfspeed, Inc. will post -0.94 EPS for the current fiscal year.
Wolfspeed, Inc is an innovator of Wolfspeed power and radio frequency (RF) semiconductors. Its Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace.
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