Credo Technology Group (NASDAQ:CRDO) PT Raised to $42.00

Credo Technology Group (NASDAQ:CRDO) had its price objective increased by equities research analysts at Stifel Nicolaus from $40.00 to $42.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ target price suggests a potential upside of 12.78% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Roth Mkm raised their price objective on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Finally, Barclays boosted their target price on 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 investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.22.

Credo Technology Group Trading Up 5.9 %

CRDO stock opened at $37.24 on Wednesday. The stock has a market cap of $6.15 billion, a P/E ratio of -206.89 and a beta of 2.24. Credo Technology Group has a twelve month low of $13.38 and a twelve month high of $37.29. The company’s 50 day moving average is $30.26 and its two-hundred day moving average is $26.30.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) 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 firm had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. On average, equities research analysts predict that Credo Technology Group will post -0.02 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the completion of the transaction, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the completion of the sale, the chief executive officer now owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 125,000 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $35.18, for a total transaction of $4,397,500.00. Following the completion of the transaction, the director now owns 1,988,725 shares in the company, valued at approximately $69,963,345.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,509,974 shares of company stock worth $46,475,972. Insiders own 23.89% of the company’s stock.

Institutional Trading of Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Arcadia Investment Management Corp MI purchased a new stake in shares of Credo Technology Group in the second quarter valued at $29,000. Fifth Third Bancorp grew its holdings in Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after buying an additional 400 shares during the period. Covestor Ltd increased its stake in shares of Credo Technology Group by 19,240.0% during the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after acquiring an additional 1,924 shares during the last quarter. CWM LLC lifted its holdings in shares of Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares during the period. Finally, Cranbrook Wealth Management LLC purchased a new position in shares of Credo Technology Group during the 2nd quarter worth about $51,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.