Credo Technology Group (NASDAQ:CRDO) Given New $41.00 Price Target at Mizuho

Credo Technology Group (NASDAQ:CRDO) had its target price lifted by Mizuho from $35.00 to $41.00 in a research note issued to investors on Monday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research analysts also recently commented on CRDO. Stifel Nicolaus lifted their price target on Credo Technology Group from $40.00 to $42.00 and gave the stock a buy rating in a research report on Wednesday, October 9th. Needham & Company LLC upped their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a buy rating in a research note on Thursday, September 5th. TD Cowen upgraded shares of Credo Technology Group to a strong-buy rating in a research report on Monday, September 16th. Bank of America upped their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an underperform rating in a research report on Thursday, September 5th. Finally, Craig Hallum lifted their target price on Credo Technology Group from $30.00 to $38.00 and gave the stock a buy rating in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of Moderate Buy and an average price target of $35.44.

Credo Technology Group Trading Down 0.3 %

Shares of Credo Technology Group stock opened at $38.15 on Monday. The firm has a fifty day simple moving average of $30.52 and a 200-day simple moving average of $26.48. The stock has a market capitalization of $6.30 billion, a price-to-earnings ratio of -211.94 and a beta of 2.24. Credo Technology Group has a 1-year low of $13.38 and a 1-year high of $40.37.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The firm had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. As a group, research analysts predict that Credo Technology Group will post -0.02 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $26.85, for a total transaction of $1,476,750.00. Following the completion of the transaction, the chief technology officer now directly owns 9,278,602 shares of the company’s stock, valued at approximately $249,130,463.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Credo Technology Group news, insider James Laufman sold 20,000 shares of Credo Technology Group stock in a transaction on Friday, September 27th. The stock was sold at an average price of $31.36, for a total value of $627,200.00. Following the completion of the transaction, the insider now owns 302,466 shares in the company, valued at approximately $9,485,333.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $26.85, for a total value of $1,476,750.00. Following the sale, the chief technology officer now owns 9,278,602 shares in the company, valued at $249,130,463.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,264,536 shares of company stock worth $38,457,513 over the last three months. Company insiders own 23.89% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. AMF Tjanstepension AB lifted its position in shares of Credo Technology Group by 31.8% during the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock worth $36,302,000 after purchasing an additional 413,149 shares in the last quarter. Thornburg Investment Management Inc. boosted its position in Credo Technology Group by 37.1% in the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock valued at $5,029,000 after buying an additional 64,177 shares during the last quarter. Capstone Investment Advisors LLC acquired a new stake in shares of Credo Technology Group in the 1st quarter valued at $2,732,000. Carnegie Investment Counsel raised its position in shares of Credo Technology Group by 7.3% during the third quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock worth $9,610,000 after acquiring an additional 21,350 shares during the last quarter. Finally, Swiss National Bank lifted its stake in shares of Credo Technology Group by 14.7% during the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock valued at $5,391,000 after acquiring an additional 32,600 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

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.