TD Cowen Forecasts Strong Price Appreciation for Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group (NASDAQ:CRDO) had its price target raised by TD Cowen from $45.00 to $75.00 in a report issued on Tuesday morning, Marketbeat Ratings reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also weighed in on CRDO. Roth Mkm increased their target price 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. The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Craig Hallum boosted their price objective on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their target price for the stock from $27.00 to $80.00 in a report on Tuesday. Finally, Stifel Nicolaus increased their price target on Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $63.56.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $70.69 on Tuesday. The business’s 50-day simple moving average is $40.42 and its 200-day simple moving average is $32.73. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $72.30. The stock has a market capitalization of $11.74 billion, a PE ratio of -471.27 and a beta of 2.26.

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

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the business’s 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 completion of the transaction, the director now owns 2,638,725 shares of the company’s stock, valued at approximately $80,481,112.50. The trade was a 5.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s 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 owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. The trade was a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,337,321 shares of company stock valued at $45,067,180. 16.04% of the stock is currently owned by corporate insiders.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in CRDO. Point72 Hong Kong Ltd bought a new stake in Credo Technology Group during the 3rd quarter worth approximately $3,948,000. Principal Financial Group Inc. lifted its stake in shares of Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after acquiring an additional 368,518 shares during the period. Los Angeles Capital Management LLC bought a new stake in Credo Technology Group in the third quarter valued at approximately $565,000. Carnegie Investment Counsel raised its holdings in 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 purchasing an additional 21,350 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Credo Technology Group by 4.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,768,737 shares of the company’s stock worth $54,477,000 after purchasing an additional 71,014 shares during the period. Institutional investors and hedge funds 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.