Credo Technology Group (NASDAQ:CRDO) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Credo Technology Group (NASDAQ:CRDO) had its price objective lifted by equities research analysts at The Goldman Sachs Group from $31.00 to $65.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential downside of 7.67% from the company’s previous close.

Other research analysts have also issued research reports about the company. Stifel Nicolaus reissued a “buy” rating and set a $75.00 price target (up previously from $50.00) on shares of Credo Technology Group in a research note on Tuesday. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price objective for the company from $27.00 to $80.00 in a research note on Tuesday. Mizuho lifted their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Craig Hallum increased their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Roth Mkm raised their target price on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, Credo Technology Group has an average rating of “Buy” and an average target price of $67.33.

Credo Technology Group Trading Up 2.0 %

Shares of CRDO stock opened at $70.40 on Wednesday. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $75.30. The company has a market capitalization of $11.69 billion, a price-to-earnings ratio of -469.33 and a beta of 2.26. The firm has a 50-day moving average price of $41.99 and a 200 day moving average price of $33.24.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.97%. As a group, research analysts predict that Credo Technology Group will post -0.02 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider James Laufman sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $31.36, for a total value of $627,200.00. Following the sale, the insider now directly owns 302,466 shares in the company, valued at $9,485,333.76. This trade represents a 6.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the sale, the chief technology officer now owns 8,618,602 shares in the company, valued at $418,605,499.14. This trade represents a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,193,441 shares of company stock valued at $41,362,270 over the last 90 days. 16.04% of the stock is owned by company insiders.

Institutional Trading of Credo Technology Group

A number of large investors have recently added to or reduced their stakes in the business. Allworth Financial LP raised its position in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares during the period. Arcadia Investment Management Corp MI acquired a new position in Credo Technology Group in the 2nd quarter worth approximately $29,000. Rakuten Securities Inc. purchased a new position in Credo Technology Group during the 3rd quarter worth approximately $30,000. Fifth Third Bancorp lifted its holdings 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 valued at $34,000 after purchasing an additional 400 shares in the last quarter. Finally, Brown Brothers Harriman & Co. boosted its position in shares of Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the period. 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 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.