Stifel Nicolaus Reaffirms Buy Rating for Credo Technology Group (NASDAQ:CRDO)

Credo Technology Group (NASDAQ:CRDO)‘s stock had its “buy” rating reiterated by equities research analysts at Stifel Nicolaus in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $75.00 price objective on the stock, up from their previous price objective of $50.00. Stifel Nicolaus’ target price points to a potential upside of 13.77% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and increased their target price for the stock from $27.00 to $80.00 in a research report on Tuesday. Barclays lifted their price target on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday. The Goldman Sachs Group upped their price objective on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Roth Mkm lifted 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. Finally, Mizuho upped their price target on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $59.44.

Credo Technology Group Price Performance

NASDAQ:CRDO traded up $18.12 during trading hours on Tuesday, reaching $65.92. 4,068,412 shares of the company traded hands, compared to its average volume of 2,281,268. The firm’s 50-day moving average is $39.60 and its 200-day moving average is $32.37. The stock has a market cap of $10.95 billion, a P/E ratio of -412.00 and a beta of 2.26. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $68.46.

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 for the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. As a group, research analysts predict that Credo Technology Group will post -0.02 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In other news, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at approximately $65,140,753.50. The trade was a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $27.69, for a total transaction of $276,900.00. Following the sale, the chief operating officer now directly owns 2,885,840 shares of the company’s stock, valued at approximately $79,908,909.60. The trade was a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,269,817 shares of company stock valued at $41,789,636 over the last quarter. Company insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Swedbank AB increased its holdings in Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. Point72 Asset Management L.P. grew its position in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after buying an additional 1,660,230 shares in the last quarter. FMR LLC increased its stake in shares of Credo Technology Group by 731.6% in the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after buying an additional 1,013,789 shares during the last quarter. Wellington Management Group LLP raised its holdings in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after acquiring an additional 705,512 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after acquiring an additional 368,518 shares during the last quarter. 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.