Credo Technology Group (NASDAQ:CRDO) Reaches New 1-Year High on Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price hit a new 52-week high during mid-day trading on Thursday after Stifel Nicolaus raised their price target on the stock from $40.00 to $42.00. Stifel Nicolaus currently has a buy rating on the stock. Credo Technology Group traded as high as $37.29 and last traded at $37.24, with a volume of 2316313 shares changing hands. The stock had previously closed at $35.17.

Several other brokerages also recently commented on CRDO. Needham & Company LLC lifted their target price on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Craig Hallum increased their price target 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. Barclays boosted their price objective on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Roth Mkm boosted their price target on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $34.22.

Insider Transactions at Credo Technology Group

In related news, Director Lip Bu Tan sold 125,000 shares of the business’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $35.18, for a total value of $4,397,500.00. Following the completion of the transaction, the director now owns 1,988,725 shares of the company’s stock, valued at $69,963,345.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Lip Bu Tan sold 125,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $35.18, for a total transaction of $4,397,500.00. Following the completion of the sale, the director now owns 1,988,725 shares of the company’s stock, valued at approximately $69,963,345.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $26.85, for a total transaction of $1,476,750.00. Following the sale, the chief technology officer now owns 9,278,602 shares in the company, valued at $249,130,463.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,509,974 shares of company stock valued at $46,475,972. 23.89% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently modified their holdings of the business. Wellington Management Group LLP bought a new position in Credo Technology Group in the fourth quarter valued at about $35,224,000. Vanguard Group Inc. increased its position in Credo Technology Group by 11.3% during the 4th quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock worth $272,414,000 after purchasing an additional 1,420,664 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in Credo Technology Group in the 1st quarter valued at approximately $97,000. Counterpoint Mutual Funds LLC acquired a new stake in Credo Technology Group in the first quarter valued at approximately $276,000. Finally, AMF Tjanstepension AB grew its stake in shares of Credo Technology Group by 31.8% during the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock worth $36,302,000 after buying an additional 413,149 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Price Performance

The company has a market capitalization of $6.15 billion, a price-to-earnings ratio of -206.89 and a beta of 2.24. The firm’s fifty day moving average price is $30.26 and its 200-day moving average price is $26.30.

Credo Technology Group (NASDAQ:CRDO) last issued 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 return on equity of 3.74% and a negative net margin of 12.05%. The firm had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. On average, research analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.