Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $75.00 at Craig Hallum

Credo Technology Group (NASDAQ:CRDO) had its price target increased by Craig Hallum from $38.00 to $75.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Craig Hallum currently has a buy rating on the stock.

A number of other equities research analysts have also weighed in on CRDO. Mizuho lifted their price objective on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 price objective (up previously from $50.00) on shares of Credo Technology Group in a report on Tuesday. TD Cowen raised their target price on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $27.00 to $80.00 in a report on Tuesday. Finally, Needham & Company LLC increased their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, Credo Technology Group presently has a consensus rating of “Buy” and a consensus price target of $63.56.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $70.69 on Tuesday. The stock has a fifty day moving average price of $40.42 and a 200 day moving average price of $32.73. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $72.30. The company has a market cap of $11.74 billion, a PE ratio of -471.27 and a beta of 2.26.

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

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.57, for a total value of $2,671,350.00. Following the transaction, the chief technology officer now directly owns 8,618,602 shares in the company, valued at approximately $418,605,499.14. This represents a 0.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the sale, the director now owns 2,638,725 shares of the company’s stock, valued at approximately $80,481,112.50. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,337,321 shares of company stock valued at $45,067,180 over the last three months. 16.04% of the stock is currently owned by insiders.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP boosted its position in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after acquiring an additional 771 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at $29,000. Rakuten Securities Inc. purchased a new stake in shares of Credo Technology Group during the 3rd quarter valued at $30,000. Fifth Third Bancorp increased its holdings in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares during the last quarter. Finally, Brown Brothers Harriman & Co. boosted its holdings in Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after acquiring an additional 1,001 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.