Credo Technology Group (NASDAQ:CRDO) Given New $80.00 Price Target at Stifel Nicolaus

Credo Technology Group (NASDAQ:CRDO) had its price target boosted by Stifel Nicolaus from $69.00 to $80.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also issued research reports about the stock. TD Cowen boosted their price target on shares of Credo Technology Group from $50.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday. Mizuho decreased their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, April 3rd. Barclays boosted their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “overweight” rating in a research note on Tuesday. Susquehanna upped their target price on shares of Credo Technology Group from $60.00 to $90.00 and gave the stock a “positive” rating in a research note on Tuesday. Finally, Bank of America reduced their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Credo Technology Group has a consensus rating of “Buy” and a consensus target price of $78.60.

Credo Technology Group Stock Up 14.8%

Credo Technology Group stock opened at $71.92 on Tuesday. Credo Technology Group has a 12-month low of $22.50 and a 12-month high of $86.69. The firm’s fifty day moving average is $48.23 and its 200 day moving average is $57.80. The company has a market capitalization of $12.21 billion, a PE ratio of -479.47 and a beta of 2.29.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. Credo Technology Group’s quarterly revenue was up 179.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.07 EPS. Sell-side analysts expect that Credo Technology Group will post 0.13 EPS for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $40.75, for a total value of $154,442.50. Following the transaction, the chief financial officer now directly owns 608,602 shares of the company’s stock, valued at approximately $24,800,531.50. The trade was a 0.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $48.02, for a total transaction of $2,641,100.00. Following the completion of the transaction, the chief technology officer now directly owns 7,663,602 shares in the company, valued at $368,006,168.04. This trade represents a 0.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 473,665 shares of company stock worth $19,795,531 in the last quarter. 16.04% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Proficio Capital Partners LLC purchased a new position in shares of Credo Technology Group in the 4th quarter worth about $700,000. Pacer Advisors Inc. boosted its holdings in shares of Credo Technology Group by 30.2% in the 4th quarter. Pacer Advisors Inc. now owns 3,906 shares of the company’s stock worth $263,000 after buying an additional 907 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Credo Technology Group by 3.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company’s stock valued at $79,289,000 after purchasing an additional 43,169 shares during the last quarter. Vontobel Holding Ltd. lifted its holdings in Credo Technology Group by 3.4% during the fourth quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company’s stock valued at $1,316,000 after purchasing an additional 635 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Credo Technology Group by 7.0% during the fourth quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company’s stock valued at $37,798,000 after purchasing an additional 36,949 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

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.