Credo Technology Group (NASDAQ:CRDO) Given New $300.00 Price Target at TD Cowen

Credo Technology Group (NASDAQ:CRDO) had its target price boosted by research analysts at TD Cowen from $260.00 to $300.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price objective would suggest a potential upside of 17.51% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the company. Bank of America upped their target price on Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Rothschild & Co Redburn assumed coverage on Credo Technology Group in a research note on Friday, May 1st. They set a “buy” rating and a $206.00 price target on the stock. Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. Wall Street Zen downgraded Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a report on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $268.39.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded down $27.52 during midday trading on Tuesday, reaching $255.30. The company’s stock had a trading volume of 1,714,019 shares, compared to its average volume of 7,362,033. Credo Technology Group has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The business’s 50 day moving average price is $242.40 and its two-hundred day moving average price is $179.97. The company has a market cap of $47.61 billion, a P/E ratio of 103.38, a P/E/G ratio of 1.19 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The company’s revenue was up 157.0% on a year-over-year basis. During the same quarter last year, the company earned $0.20 EPS. Sell-side analysts forecast that Credo Technology Group will post 4.84 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 55,441 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the transaction, the chief operating officer directly owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. This trade represents a 2.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the transaction, the chief financial officer directly owned 504,708 shares in the company, valued at $124,097,603.04. The trade was a 1.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 435,076 shares of company stock worth $101,043,506 over the last three months. Company insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Reflection Asset Management bought a new stake in shares of Credo Technology Group in the 4th quarter valued at $25,000. Acumen Wealth Advisors LLC bought a new position in Credo Technology Group during the fourth quarter worth $25,000. AlphaCentric Advisors LLC bought a new position in Credo Technology Group during the first quarter worth $33,000. Van ECK Associates Corp acquired a new position in Credo Technology Group in the fourth quarter valued at $37,000. Finally, Western Wealth Management LLC acquired a new position in Credo Technology Group in the first quarter valued at $38,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.