Credo Technology Group (NASDAQ:CRDO) Receives Buy Rating from Stifel Nicolaus

Stifel Nicolaus restated their buy rating on shares of Credo Technology Group (NASDAQ:CRDO) in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a $75.00 price target on the stock, up from their prior price target of $50.00.

Other equities research analysts have also recently issued reports about the stock. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Roth Mkm upped their price target on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price objective for the company from $27.00 to $80.00 in a research note on Tuesday. Craig Hallum upped 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. Finally, Mizuho lifted their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $63.56.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $70.69 on Tuesday. The stock has a 50-day simple moving average of $40.42 and a 200-day simple moving average of $32.73. Credo Technology Group has a 52-week low of $16.82 and a 52-week high of $72.30. The firm 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 earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. As a group, equities research analysts predict that Credo Technology Group will post -0.02 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $27.69, for a total value of $276,900.00. Following the sale, the chief operating officer now directly owns 2,885,840 shares in the company, valued at $79,908,909.60. This trade represents a 0.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the transaction, the chief technology officer now directly owns 9,058,602 shares of the company’s stock, valued at $255,633,748.44. This represents a 0.60 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,337,321 shares of company stock worth $45,067,180. Insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

Hedge funds have recently modified their holdings of the company. Point72 Hong Kong Ltd acquired a new position in shares of Credo Technology Group in the third quarter valued at $3,948,000. Principal Financial Group Inc. raised its stake in shares of Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after buying an additional 368,518 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at $565,000. Carnegie Investment Counsel lifted its holdings in shares of Credo Technology Group by 7.3% during the 3rd 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 period. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Credo Technology Group by 4.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,768,737 shares of the company’s stock valued at $54,477,000 after acquiring an additional 71,014 shares in the last quarter. 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.