Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $75.00

Credo Technology Group (NASDAQ:CRDO) had its target price increased by Craig Hallum from $38.00 to $75.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts also recently weighed in on CRDO. Roth Mkm boosted their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday. Stifel Nicolaus reiterated a “buy” rating and set a $75.00 price target (up previously from $50.00) on shares of Credo Technology Group in a report on Tuesday. Barclays upped their price objective on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, TD Cowen lifted their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday. Nine analysts have rated the stock with a buy rating, According to MarketBeat, Credo Technology Group has an average rating of “Buy” and a consensus target price of $67.33.

Credo Technology Group Price Performance

CRDO opened at $70.40 on Tuesday. Credo Technology Group has a 1 year low of $16.82 and a 1 year high of $75.30. The business’s 50-day moving average price is $41.99 and its two-hundred day moving average price is $33.24. The company has a market capitalization of $11.69 billion, a price-to-earnings ratio of -469.33 and a beta of 2.26.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The business had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.97%. Sell-side analysts anticipate that Credo Technology Group will post -0.02 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the completion of the sale, the chief technology officer now directly owns 8,618,602 shares in the company, valued at $418,605,499.14. This represents a 0.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $27.69, for a total value of $276,900.00. Following the transaction, the chief operating officer now directly owns 2,885,840 shares of the company’s stock, valued at approximately $79,908,909.60. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,193,441 shares of company stock worth $41,362,270. Corporate insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently bought and sold shares of CRDO. Point72 Asset Management L.P. grew its holdings in Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of Credo Technology Group by 3.1% during the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after purchasing an additional 115,271 shares during the period. Swedbank AB grew its stake in shares of Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. Geode Capital Management LLC increased its holdings in Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after purchasing an additional 170,412 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after acquiring an additional 705,512 shares during the last quarter. 80.46% of the stock is currently owned by 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.