Credo Technology Group (NASDAQ:CRDO) Stock Price Up 5.2% After Analyst Upgrade

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shot up 5.2% during trading on Thursday after Mizuho raised their price target on the stock from $81.00 to $98.00. Mizuho currently has an outperform rating on the stock. Credo Technology Group traded as high as $92.96 and last traded at $93.98. 984,203 shares were traded during mid-day trading, a decline of 76% from the average session volume of 4,103,108 shares. The stock had previously closed at $89.37.

CRDO has been the topic of several other research reports. Susquehanna restated a “positive” rating and issued a $90.00 target price (up previously from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Bank of America cut their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Roth Capital set a $95.00 price objective on Credo Technology Group and gave the company a “buy” rating in a report on Friday, June 13th. Noble Financial raised Credo Technology Group to a “strong-buy” rating in a report on Tuesday, June 3rd. Finally, Barclays set a $85.00 price objective on Credo Technology Group and gave the company an “overweight” rating in a report on Tuesday, June 3rd. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $82.45.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, insider James Laufman sold 5,000 shares of the firm’s stock in a transaction on Friday, June 20th. The stock was sold at an average price of $85.07, for a total transaction of $425,350.00. Following the completion of the sale, the insider owned 249,346 shares of the company’s stock, valued at $21,211,864.22. This trade represents a 1.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Monday, June 30th. The shares were sold at an average price of $92.65, for a total value of $5,095,750.00. Following the sale, the chief technology officer directly owned 7,383,961 shares of the company’s stock, valued at $684,123,986.65. This represents a 0.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,086,139 shares of company stock valued at $75,820,113 in the last quarter. 16.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently added to or reduced their stakes in the business. Proficio Capital Partners LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $700,000. Charles Schwab Investment Management Inc. grew its position 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 worth $79,289,000 after buying an additional 43,169 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Credo Technology Group by 7.0% in 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 in the last quarter. Sei Investments Co. raised its stake in Credo Technology Group by 54.8% in the fourth quarter. Sei Investments Co. now owns 52,968 shares of the company’s stock valued at $3,560,000 after purchasing an additional 18,756 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in Credo Technology Group by 4.9% in the first quarter. Rhumbline Advisers now owns 205,046 shares of the company’s stock valued at $8,235,000 after purchasing an additional 9,615 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Up 4.3%

The firm has a market cap of $15.99 billion, a price-to-earnings ratio of 345.09, a P/E/G ratio of 1.68 and a beta of 2.57. The stock has a 50 day moving average of $68.57 and a 200 day moving average of $61.75.

Credo Technology Group (NASDAQ:CRDO) last posted 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 the consensus estimate of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. Credo Technology Group’s revenue for the quarter was up 179.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.07 earnings per share. As a group, analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

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.