Mizuho Cuts Credo Technology Group (NASDAQ:CRDO) Price Target to $245.00

Credo Technology Group (NASDAQ:CRDO) had its price target trimmed by Mizuho from $290.00 to $245.00 in a report published on Monday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other research firms have also recently weighed in on CRDO. Susquehanna increased their price target on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. Roth Capital upped their price target on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Evercore set a $292.00 price objective on Credo Technology Group in a research note on Wednesday, September 2nd. Wall Street Zen cut Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average target price of $264.89.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $193.87 on Monday. The stock has a market capitalization of $36.44 billion, a PE ratio of 68.99, a price-to-earnings-growth ratio of 0.77 and a beta of 3.22. The company has a 50-day simple moving average of $209.39 and a two-hundred day simple moving average of $194.25. Credo Technology Group has a 52-week low of $86.49 and a 52-week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. The business had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The company’s quarterly revenue was up 114.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 EPS. As a group, equities research analysts forecast that Credo Technology Group will post 5.02 EPS for the current fiscal year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, COO Yat Lam sold 55,441 shares of the stock in a transaction on Friday, July 31st. The shares were 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 owned 2,529,169 shares in the company, valued at $538,763,580.38. This trade represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Brennan sold 16,672 shares of Credo Technology Group stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $151.88, for a total value of $2,532,143.36. Following the completion of the transaction, the chief executive officer owned 1,600,830 shares of the company’s stock, valued at approximately $243,134,060.40. This represents a 1.03% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 307,246 shares of company stock valued at $65,625,584 in the last ninety days. Corporate insiders own 9.06% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CRDO. California State Teachers Retirement System lifted its stake in shares of Credo Technology Group by 2.2% during the 1st quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after acquiring an additional 5,113 shares during the last quarter. Corsair Capital Management L.P. bought a new position in Credo Technology Group in the 1st quarter valued at $469,000. Lazard Asset Management LLC increased its stake in Credo Technology Group by 55.6% in the first quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock worth $6,294,000 after purchasing an additional 23,949 shares during the period. Quantinno Capital Management LP increased its stake in Credo Technology Group by 68.4% in the first quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock worth $3,203,000 after purchasing an additional 13,859 shares during the period. Finally, Estuary Capital Management LP increased its stake in Credo Technology Group by 87.4% in the first quarter. Estuary Capital Management LP now owns 412,227 shares of the company’s stock worth $38,696,000 after purchasing an additional 192,218 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

About Credo Technology Group

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.