Credo Technology Group (NASDAQ:CRDO) PT Raised to $41.00

Credo Technology Group (NASDAQ:CRDO) had its price objective increased by Mizuho from $35.00 to $41.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s price target would suggest a potential upside of 12.70% from the company’s previous close.

A number of other research analysts also recently commented on the stock. Bank of America raised their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research report on Thursday, September 5th. TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Stifel Nicolaus raised their target price on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Needham & Company LLC raised their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $35.44.

Credo Technology Group Trading Down 4.6 %

Shares of CRDO opened at $36.38 on Monday. Credo Technology Group has a twelve month low of $13.38 and a twelve month high of $40.37. The company has a market cap of $6.01 billion, a P/E ratio of -202.11 and a beta of 2.24. The company’s fifty day simple moving average is $30.79 and its 200-day simple moving average is $26.60.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share 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 analysts’ expectations of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. Analysts predict that Credo Technology Group will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $38.41, for a total transaction of $2,112,550.00. Following the completion of the sale, the chief technology officer now directly owns 8,893,602 shares in the company, valued at approximately $341,603,252.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Lip Bu Tan sold 15,281 shares of Credo Technology Group stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $39.05, for a total transaction of $596,723.05. Following the completion of the transaction, the director now directly owns 1,748,444 shares of the company’s stock, valued at $68,276,738.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $38.41, for a total transaction of $2,112,550.00. Following the transaction, the chief technology officer now directly owns 8,893,602 shares of the company’s stock, valued at approximately $341,603,252.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,444,817 shares of company stock worth $45,366,886 in the last three months. Corporate insiders own 23.89% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Arcadia Investment Management Corp MI purchased a new stake in Credo Technology Group in the 2nd quarter worth $29,000. Fifth Third Bancorp increased its holdings in Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares in the last quarter. Covestor Ltd increased its holdings in Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after acquiring an additional 1,924 shares in the last quarter. CWM LLC increased its holdings in Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares in the last quarter. Finally, Cranbrook Wealth Management LLC purchased a new stake in Credo Technology Group in the 2nd quarter worth $51,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

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.