Barclays Increases Credo Technology Group (NASDAQ:CRDO) Price Target to $80.00

Credo Technology Group (NASDAQ:CRDO) had its price target lifted by Barclays from $32.00 to $80.00 in a research note published on Tuesday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other research firms have also commented on CRDO. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the company from $27.00 to $80.00 in a research report on Tuesday. The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Stifel Nicolaus boosted their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Mizuho increased their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, Needham & Company LLC boosted their target price on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $63.56.

Credo Technology Group Trading Up 47.9 %

Shares of NASDAQ CRDO opened at $70.69 on Tuesday. The firm has a market capitalization of $11.74 billion, a P/E ratio of -471.27 and a beta of 2.26. The firm’s 50-day moving average price is $40.42 and its 200-day moving average price is $32.73. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $72.30.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly 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). The business had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.97%. Equities research analysts forecast that Credo Technology Group will post -0.02 EPS for the current 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 transaction, 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 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the transaction, the director now owns 2,638,725 shares of the company’s stock, valued at $80,481,112.50. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,337,321 shares of company stock worth $45,067,180. 16.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Swedbank AB increased its holdings in Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares in the last quarter. Point72 Asset Management L.P. grew its stake in shares of Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares during the period. FMR LLC grew its stake in shares of Credo Technology Group by 731.6% in the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after acquiring an additional 1,013,789 shares during the period. Wellington Management Group LLP raised its holdings in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after purchasing an additional 705,512 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after purchasing an additional 368,518 shares during the period. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Company Profile

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.