TD Cowen Boosts Credo Technology Group (NASDAQ:CRDO) Price Target to $40.00

Credo Technology Group (NASDAQ:CRDO) had its price target hoisted by TD Cowen from $35.00 to $40.00 in a research note published on Monday, Marketbeat reports. They currently have a buy rating on the stock.

CRDO has been the subject of several other reports. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $26.00 to $29.00 and gave the stock a buy rating in a research note on Thursday, May 30th. Bank of America reissued an underperform rating and issued a $22.00 target price (up previously from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. Craig Hallum raised their price target on Credo Technology Group from $28.00 to $30.00 and gave the stock a buy rating in a research report on Monday, April 15th. Finally, Barclays boosted their price objective on Credo Technology Group from $23.00 to $30.00 and gave the company an overweight rating in a research report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Credo Technology Group presently has an average rating of Moderate Buy and a consensus price target of $30.38.

Credo Technology Group Stock Down 2.9 %

NASDAQ CRDO opened at $29.57 on Monday. The stock’s 50-day simple moving average is $26.28 and its two-hundred day simple moving average is $22.46. Credo Technology Group has a twelve month low of $13.38 and a twelve month high of $33.96. The company has a market capitalization of $4.88 billion, a price-to-earnings ratio of -164.28 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Wednesday, May 29th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Credo Technology Group had a negative return on equity of 4.51% and a negative net margin of 14.70%. The firm had revenue of $60.78 million during the quarter, compared to the consensus estimate of $60.50 million. On average, equities analysts expect that Credo Technology Group will post 0.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other news, CEO William Joseph Brennan sold 15,000 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $17.15, for a total value of $257,250.00. Following the completion of the sale, the chief executive officer now directly owns 2,962,500 shares of the company’s stock, valued at approximately $50,806,875. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the completion of the transaction, the director now owns 2,863,725 shares of the company’s stock, valued at $93,557,895.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Joseph Brennan sold 15,000 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $17.15, for a total transaction of $257,250.00. Following the completion of the sale, the chief executive officer now directly owns 2,962,500 shares in the company, valued at $50,806,875. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 881,678 shares of company stock valued at $24,491,344. 23.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently bought and sold shares of the business. Ulland Investment Advisors LLC bought a new stake in shares of Credo Technology Group in the 1st quarter worth approximately $29,000. Covestor Ltd boosted its stake in Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after purchasing an additional 1,924 shares in the last quarter. CWM LLC grew its position in Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares during the last quarter. Advisors Asset Management Inc. increased its stake in Credo Technology Group by 47.6% during the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock valued at $81,000 after purchasing an additional 1,229 shares in the last quarter. Finally, Banque Cantonale Vaudoise purchased a new position in Credo Technology Group in the first quarter worth about $97,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.