Credo Technology Group (NASDAQ:CRDO) Given a $135.00 Price Target by Mizuho Analysts

Credo Technology Group (NASDAQ:CRDO) has been given a $135.00 price objective by investment analysts at Mizuho in a research note issued to investors on Thursday, MarketBeat reports. The firm currently has an “outperform” rating on the stock. Mizuho’s target price points to a potential upside of 15.64% from the stock’s previous close.

CRDO has been the topic of several other reports. TD Cowen raised their price objective on shares of Credo Technology Group from $85.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, June 18th. Needham & Company LLC raised their price objective on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $80.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, July 18th. Susquehanna raised their price objective on shares of Credo Technology Group from $90.00 to $115.00 and gave the stock a “positive” rating in a research report on Tuesday, July 22nd. Finally, Noble Financial raised shares of Credo Technology Group to a “strong-buy” rating in a research report on Tuesday, June 3rd. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Credo Technology Group currently has an average rating of “Buy” and a consensus price target of $91.27.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $116.74 on Thursday. The company’s fifty day moving average price is $97.71 and its 200 day moving average price is $68.84. Credo Technology Group has a 12 month low of $24.08 and a 12 month high of $128.56. The firm has a market capitalization of $20.04 billion, a P/E ratio of 432.37, a P/E/G ratio of 2.11 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The firm had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. During the same period last year, the business earned $0.07 EPS. Credo Technology Group’s revenue for the quarter was up 179.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Credo Technology Group will post 0.13 EPS for the current year.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $107.12, for a total value of $5,891,600.00. Following the sale, the chief technology officer owned 7,108,961 shares of the company’s stock, valued at $761,511,902.32. The trade was a 0.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $97.29, for a total transaction of $368,729.10. Following the completion of the sale, the chief financial officer directly owned 582,428 shares in the company, valued at approximately $56,664,420.12. The trade was a 0.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,274,583 shares of company stock worth $113,118,257 in the last ninety days. 16.04% of the stock is currently owned by insiders.

Institutional Trading of Credo Technology Group

Several hedge funds and other institutional investors have recently made changes to their positions in CRDO. Operose Advisors LLC boosted its holdings in Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after buying an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in Credo Technology Group during the first quarter worth about $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Credo Technology Group during the first quarter worth about $27,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in Credo Technology Group during the second quarter worth about $27,000. Finally, Harbour Investments Inc. purchased a new stake in Credo Technology Group during the first quarter worth about $29,000. Hedge funds and other 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.