Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $42.00

Credo Technology Group (NASDAQ:CRDO) had its price target increased by Stifel Nicolaus from $40.00 to $42.00 in a research report sent to investors on Wednesday, Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

Several other equities research analysts also recently commented on CRDO. Bank of America lifted their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an underperform rating in a research note on Thursday, September 5th. The Goldman Sachs Group lifted their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a buy rating in a research note on Friday, September 6th. TD Cowen upgraded shares of Credo Technology Group to a strong-buy rating in a research report on Monday, September 16th. Barclays boosted their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an overweight rating in a research report on Thursday, September 5th. Finally, Roth Mkm boosted their target price on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a buy rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $34.22.

Credo Technology Group Stock Up 2.7 %

Shares of CRDO opened at $38.26 on Wednesday. Credo Technology Group has a twelve month low of $13.38 and a twelve month high of $39.00. The company has a 50 day moving average of $30.52 and a two-hundred day moving average of $26.44. The company has a market cap of $6.32 billion, a price-to-earnings ratio of -212.56 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The company had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. On average, sell-side analysts expect that Credo Technology Group will post -0.02 EPS for the current year.

Insider Transactions at Credo Technology Group

In related news, Director Lip Bu Tan sold 125,000 shares of the business’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $35.18, for a total transaction of $4,397,500.00. Following the transaction, the director now directly owns 1,988,725 shares in the company, valued at approximately $69,963,345.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $31.07, for a total transaction of $1,708,850.00. Following the transaction, the chief technology officer now directly owns 8,948,602 shares in the company, valued at approximately $278,033,064.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Lip Bu Tan sold 125,000 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $35.18, for a total transaction of $4,397,500.00. Following the completion of the sale, the director now directly owns 1,988,725 shares of the company’s stock, valued at approximately $69,963,345.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,509,974 shares of company stock valued at $46,475,972 over the last 90 days. Corporate insiders own 23.89% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP purchased a new stake in Credo Technology Group in the fourth quarter valued at $35,224,000. Vanguard Group Inc. raised its holdings in Credo Technology Group by 11.3% in the 4th quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock valued at $272,414,000 after buying an additional 1,420,664 shares during the period. TimesSquare Capital Management LLC acquired a new position in Credo Technology Group in the first quarter valued at about $22,535,000. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Credo Technology Group by 290.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock worth $25,096,000 after buying an additional 881,344 shares during the period. Finally, Westfield Capital Management Co. LP acquired a new stake in shares of Credo Technology Group during the first quarter valued at about $17,847,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.