Credo Technology Group (NASDAQ:CRDO) Given New $70.00 Price Target at Needham & Company LLC

Credo Technology Group (NASDAQ:CRDO) had its price objective hoisted by Needham & Company LLC from $43.00 to $70.00 in a report issued on Tuesday morning, MarketBeat reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other equities analysts have also issued reports on CRDO. The Goldman Sachs Group raised their target price on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research note 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 lifted their price target on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Barclays raised their target price on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Finally, TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, Credo Technology Group has a consensus rating of “Buy” and a consensus target price of $63.56.

Credo Technology Group Stock Up 47.9 %

Credo Technology Group stock opened at $70.69 on Tuesday. The firm’s fifty day moving average is $40.42 and its 200 day moving average is $32.73. Credo Technology Group has a 52-week low of $16.82 and a 52-week high of $72.30. The company has a market cap of $11.74 billion, a price-to-earnings ratio of -471.27 and a beta of 2.26.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.97%. The company had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. On average, equities research analysts anticipate that Credo Technology Group will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $27.69, for a total transaction of $276,900.00. Following the sale, the chief operating officer now owns 2,885,840 shares in the company, valued at approximately $79,908,909.60. The trade was a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel W. Fleming sold 12,504 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the sale, the chief financial officer now directly owns 656,456 shares of the company’s stock, valued at $31,824,986.88. The trade was a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,337,321 shares of company stock valued at $45,067,180. Insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently modified their holdings of the stock. Allworth Financial LP increased its holdings in shares of Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Credo Technology Group during the 2nd quarter worth about $29,000. Rakuten Securities Inc. purchased a new stake in Credo Technology Group in the 3rd quarter worth approximately $30,000. Fifth Third Bancorp grew its position in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the period. Finally, Brown Brothers Harriman & Co. grew its holdings in Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after buying an additional 1,001 shares during the period. 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.