Credo Technology Group (NASDAQ:CRDO) Price Target Increased to $45.00 by Analysts at Roth Mkm

Credo Technology Group (NASDAQ:CRDO) had its price target raised by Roth Mkm from $35.00 to $45.00 in a report issued on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on CRDO. Needham & Company LLC increased their target price on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Bank of America lifted their target price on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research report on Thursday, September 5th. Mizuho upped their price target on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Barclays boosted their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.56.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $39.18 on Tuesday. The business’s 50-day simple moving average is $32.68 and its 200-day simple moving average is $27.57. Credo Technology Group has a fifty-two week low of $13.38 and a fifty-two week high of $40.37. The stock has a market capitalization of $6.47 billion, a PE ratio of -217.67 and a beta of 2.24.

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

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the sale, the chief technology officer now directly owns 8,838,602 shares of the company’s stock, valued at approximately $346,826,742.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the completion of the transaction, the chief technology officer now owns 8,838,602 shares in the company, valued at approximately $346,826,742.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $27.67, for a total value of $276,700.00. Following the transaction, the chief operating officer now directly owns 2,807,777 shares in the company, valued at approximately $77,691,189.59. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,444,817 shares of company stock valued at $45,913,586. 23.89% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Large investors have recently added to or reduced their stakes in the business. Allworth Financial LP boosted its position in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares during the period. Arcadia Investment Management Corp MI bought a new stake in shares of Credo Technology Group during the 2nd quarter worth about $29,000. Fifth Third Bancorp boosted its holdings in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares during the period. Covestor Ltd grew its stake in Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after buying an additional 1,924 shares during the last quarter. Finally, CWM LLC raised its holdings in Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after acquiring an additional 594 shares during the period. Institutional investors own 80.46% of the company’s stock.

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.