Credo Technology Group (NASDAQ:CRDO) Given New $98.00 Price Target at Mizuho

Credo Technology Group (NASDAQ:CRDO) had its price target upped by Mizuho from $81.00 to $98.00 in a report issued on Thursday,Benzinga reports. Mizuho currently has an outperform rating on the stock.

CRDO has been the topic of a number of other reports. Needham & Company LLC raised their price target on Credo Technology Group from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Barclays set a $85.00 target price on Credo Technology Group and gave the stock an “overweight” rating in a research report on Tuesday, June 3rd. Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Stifel Nicolaus lifted their target price on Credo Technology Group from $69.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. Finally, Roth Capital set a $95.00 target price on Credo Technology Group and gave the stock a “buy” rating in a research report on Friday, June 13th. Twelve investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Buy” and a consensus target price of $82.45.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $93.18 on Thursday. Credo Technology Group has a 1-year low of $22.50 and a 1-year high of $95.71. The stock has a market cap of $15.82 billion, a PE ratio of 345.09, a P/E/G ratio of 1.60 and a beta of 2.57. The stock’s fifty day moving average is $67.58 and its two-hundred day moving average is $61.59.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. The company had revenue of $170.00 million for the quarter, compared to analysts’ expectations of $159.59 million. During the same period last year, the firm earned $0.07 earnings per share. Credo Technology Group’s quarterly revenue was up 179.6% on a year-over-year basis. On average, research analysts expect that Credo Technology Group will post 0.13 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Chi Fung Cheng sold 59,641 shares of the business’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $74.96, for a total value of $4,470,689.36. Following the transaction, the chief technology officer owned 7,603,961 shares in the company, valued at $569,992,916.56. The trade was a 0.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Lip Bu Tan sold 171,473 shares of the business’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $77.90, for a total value of $13,357,746.70. Following the completion of the transaction, the director owned 613,725 shares in the company, valued at $47,809,177.50. This trade represents a 21.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,086,139 shares of company stock worth $75,820,113 in the last 90 days. 16.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in CRDO. Operose Advisors LLC boosted its holdings in Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company’s stock valued at $25,000 after purchasing an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in Credo Technology Group in the 1st quarter valued at approximately $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Credo Technology Group in the 1st quarter valued at approximately $27,000. Harbour Investments Inc. purchased a new stake in Credo Technology Group in the 1st quarter valued at approximately $29,000. Finally, Virtus Advisers LLC purchased a new stake in Credo Technology Group in the 1st quarter valued at approximately $31,000. 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.