Arizona State Retirement System Purchases 1,057 Shares of Wolfspeed, Inc. (NYSE:WOLF)

Arizona State Retirement System lifted its stake in shares of Wolfspeed, Inc. (NYSE:WOLF) by 3.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,016 shares of the company’s stock after purchasing an additional 1,057 shares during the quarter. Arizona State Retirement System’s holdings in Wolfspeed were worth $1,524,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Wolfspeed by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 12,471,667 shares of the company’s stock worth $475,171,000 after purchasing an additional 188,236 shares in the last quarter. Norges Bank bought a new position in shares of Wolfspeed during the 4th quarter worth about $223,238,000. Artisan Partners Limited Partnership boosted its position in shares of Wolfspeed by 7.3% during the 3rd quarter. Artisan Partners Limited Partnership now owns 2,273,472 shares of the company’s stock worth $86,619,000 after purchasing an additional 154,021 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Wolfspeed by 3.9% during the 1st quarter. Geode Capital Management LLC now owns 1,758,439 shares of the company’s stock worth $114,047,000 after purchasing an additional 66,337 shares in the last quarter. Finally, FengHe Fund Management Pte. Ltd. boosted its position in shares of Wolfspeed by 438.9% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 1,431,200 shares of the company’s stock worth $62,272,000 after purchasing an additional 1,165,600 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on WOLF shares. Piper Sandler dropped their price target on shares of Wolfspeed from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, February 1st. JPMorgan Chase & Co. dropped their price target on shares of Wolfspeed from $43.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday. Mizuho started coverage on shares of Wolfspeed in a research report on Friday, April 5th. They issued a “neutral” rating and a $30.00 price target on the stock. Susquehanna reaffirmed a “neutral” rating and issued a $35.00 price target on shares of Wolfspeed in a research report on Monday, April 8th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $30.00 price target (down previously from $55.00) on shares of Wolfspeed in a research report on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $43.63.

Insider Transactions at Wolfspeed

In related news, Director Darren R. Jackson purchased 10,000 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was bought at an average price of $25.80 per share, for a total transaction of $258,000.00. Following the purchase, the director now directly owns 49,021 shares in the company, valued at approximately $1,264,741.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.62% of the stock is currently owned by company insiders.

Wolfspeed Trading Down 5.8 %

Shares of WOLF stock opened at $26.25 on Friday. The company has a 50 day moving average of $27.20 and a 200-day moving average of $33.05. The company has a quick ratio of 4.58, a current ratio of 5.13 and a debt-to-equity ratio of 4.50. Wolfspeed, Inc. has a 12-month low of $23.54 and a 12-month high of $70.42. The firm has a market cap of $3.30 billion, a P/E ratio of -4.32 and a beta of 1.66.

Wolfspeed (NYSE:WOLF) last issued its quarterly earnings results on Wednesday, January 31st. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.10. Wolfspeed had a negative net margin of 87.35% and a negative return on equity of 19.35%. The company had revenue of $208.40 million during the quarter, compared to analyst estimates of $205.94 million. Sell-side analysts anticipate that Wolfspeed, Inc. will post -3.05 earnings per share for the current year.

Wolfspeed Company Profile

Wolfspeed, Inc operates as a powerhouse semiconductor company focuses on silicon carbide and gallium nitride (GaN) technologies in Europe, Hong Kong, China, rest of Asia-Pacific, the United States, and internationally. It offers silicon carbide and GaN materials, including silicon carbide bare wafers, epitaxial wafers, and GaN epitaxial layers on silicon carbide wafers to manufacture products for RF, power, and other applications.