Credo Technology Group (NASDAQ:CRDO) Upgraded by TD Cowen to “Buy”

TD Cowen upgraded shares of Credo Technology Group (NASDAQ:CRDO) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The firm currently has $35.00 target price on the stock, up from their prior target price of $24.00.

Several other research analysts also recently issued reports on the stock. Mizuho reiterated a buy rating and set a $30.00 price target (up from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. Bank of America reiterated an underperform rating and issued a $22.00 target price (up from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. Barclays boosted their price target on Credo Technology Group from $23.00 to $30.00 and gave the stock an overweight rating in a report on Thursday, May 30th. The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $23.00 to $26.00 and gave the company a buy rating in a report on Wednesday, February 28th. Finally, Needham & Company LLC boosted their target price on shares of Credo Technology Group from $26.00 to $29.00 and gave the stock a buy rating in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of Moderate Buy and a consensus target price of $28.25.

Credo Technology Group Stock Up 8.4 %

Shares of CRDO stock opened at $29.57 on Tuesday. The business has a fifty day simple moving average of $21.86 and a 200 day simple moving average of $21.11. The company has a market cap of $4.83 billion, a P/E ratio of -164.28 and a beta of 2.20. Credo Technology Group has a twelve month low of $13.38 and a twelve month high of $30.00.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Wednesday, May 29th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Credo Technology Group had a negative return on equity of 4.87% and a negative net margin of 14.70%. The company had revenue of $60.78 million during the quarter, compared to the consensus estimate of $60.50 million. As a group, equities research analysts anticipate that Credo Technology Group will post 0.07 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Yat Tung Lam sold 153,825 shares of Credo Technology Group stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $22.58, for a total value of $3,473,368.50. Following the completion of the transaction, the chief operating officer now directly owns 798,527 shares of the company’s stock, valued at approximately $18,030,739.66. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, COO Yat Tung Lam sold 153,825 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $22.58, for a total transaction of $3,473,368.50. Following the completion of the sale, the chief operating officer now owns 798,527 shares of the company’s stock, valued at approximately $18,030,739.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $27.49, for a total transaction of $1,511,950.00. Following the transaction, the chief technology officer now owns 9,498,602 shares in the company, valued at approximately $261,116,568.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 753,193 shares of company stock valued at $16,502,426. 23.89% of the stock is currently owned by insiders.

Institutional Trading of Credo Technology Group

Several large investors have recently made changes to their positions in CRDO. Ulland Investment Advisors LLC acquired a new stake in Credo Technology Group in the first quarter valued at approximately $29,000. Covestor Ltd lifted its holdings in shares of 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. Advisors Asset Management Inc. grew its position in Credo Technology Group by 47.6% in 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 during the period. Banque Cantonale Vaudoise acquired a new position in Credo Technology Group during the first quarter worth $97,000. Finally, Assetmark Inc. lifted its stake in shares of Credo Technology Group by 30.1% in the fourth quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after buying an additional 1,263 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.