Stifel Nicolaus Raises Credo Technology Group (NASDAQ:CRDO) Price Target to $42.00

Credo Technology Group (NASDAQ:CRDO) had its price objective boosted by stock analysts at Stifel Nicolaus from $40.00 to $42.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ price target would indicate a potential upside of 24.59% from the stock’s previous close.

Several other equities research analysts have also recently commented on CRDO. Roth Mkm raised their target price on shares of Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. The Goldman Sachs Group raised their target price 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 raised their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Needham & Company LLC increased their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $34.22.

Credo Technology Group Trading Up 3.6 %

NASDAQ:CRDO opened at $33.71 on Wednesday. The company has a 50-day moving average price of $29.90 and a 200-day moving average price of $26.16. Credo Technology Group has a 12 month low of $13.38 and a 12 month high of $36.80. The stock has a market cap of $5.57 billion, a price-to-earnings ratio of -187.28 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last posted 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 3.74% and a negative net margin of 12.05%. The company had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Equities analysts forecast that Credo Technology Group will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the completion of the sale, the director now directly owns 2,863,725 shares in the company, valued at approximately $93,557,895.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Credo Technology Group news, insider James Laufman sold 20,000 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.36, for a total transaction of $627,200.00. Following the completion of the sale, the insider now directly owns 302,466 shares in the company, valued at approximately $9,485,333.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 245,438 shares of Credo Technology Group stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the completion of the sale, the director now owns 2,863,725 shares of the company’s stock, valued at $93,557,895.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,462,819 shares of company stock worth $44,474,068. 23.89% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

A number of large investors have recently made changes to their positions in CRDO. Arcadia Investment Management Corp MI bought a new stake in shares of Credo Technology Group in the second quarter worth approximately $29,000. Fifth Third Bancorp grew its stake 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 worth $34,000 after acquiring an additional 400 shares during the period. Covestor Ltd grew its stake in shares of Credo Technology Group by 19,240.0% in the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after acquiring an additional 1,924 shares during the period. CWM LLC grew its stake in shares of Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares during the period. Finally, Cranbrook Wealth Management LLC bought a new stake in shares of Credo Technology Group in the second quarter worth approximately $51,000. 80.46% of the stock is currently owned by institutional investors.

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.