Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $45.00 at Roth Mkm

Credo Technology Group (NASDAQ:CRDO) had its target price boosted by equities researchers at Roth Mkm from $35.00 to $45.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Roth Mkm’s price objective points to a potential upside of 16.38% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Bank of America lifted their target price on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Mizuho boosted their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Finally, The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.56.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $38.67 on Tuesday. Credo Technology Group has a 1-year low of $13.38 and a 1-year high of $40.37. The stock has a market cap of $6.39 billion, a P/E ratio of -214.81 and a beta of 2.24. The firm has a fifty day moving average price of $32.33 and a 200 day moving average price of $27.37.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The business had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Sell-side analysts expect that Credo Technology Group will post -0.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the completion of the sale, the chief executive officer now directly owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the completion of the transaction, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Daniel W. Fleming sold 108,790 shares of Credo Technology Group stock in a transaction on Monday, September 30th. The stock was sold at an average price of $31.10, for a total value of $3,383,369.00. Following the transaction, the chief financial officer now directly owns 676,386 shares of the company’s stock, valued at approximately $21,035,604.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,444,817 shares of company stock worth $45,913,586. 23.89% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently added to or reduced their stakes in CRDO. AMF Tjanstepension AB lifted its holdings in shares of Credo Technology Group by 31.8% in the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock valued at $36,302,000 after purchasing an additional 413,149 shares in the last quarter. Thornburg Investment Management Inc. raised its position in shares of Credo Technology Group by 37.1% during the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock worth $5,029,000 after purchasing an additional 64,177 shares during the last quarter. Carnegie Investment Counsel lifted its stake in Credo Technology Group by 7.3% in the 3rd quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock valued at $9,610,000 after buying an additional 21,350 shares in the last quarter. Capstone Investment Advisors LLC acquired a new stake in Credo Technology Group during the 1st quarter valued at $2,732,000. Finally, Swiss National Bank increased its position in Credo Technology Group by 14.7% during the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after buying an additional 32,600 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

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.