Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $75.00

Credo Technology Group (NASDAQ:CRDO) had its price objective increased by Craig Hallum from $38.00 to $75.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

CRDO has been the subject of a number of other reports. Mizuho upped their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. TD Cowen raised their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday. Roth Mkm upped their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $27.00 to $80.00 in a research report on Tuesday. Finally, The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $67.33.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $70.40 on Tuesday. The firm has a market cap of $11.69 billion, a price-to-earnings ratio of -469.33 and a beta of 2.26. The firm has a 50 day simple moving average of $41.99 and a 200-day simple moving average of $33.24. Credo Technology Group has a one year low of $16.82 and a one year high of $75.30.

Credo Technology Group (NASDAQ:CRDO) last issued 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 analyst estimates of $59.50 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.97%. Equities analysts predict that Credo Technology Group will post -0.02 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Daniel W. Fleming sold 12,504 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the transaction, the chief financial officer now directly owns 656,456 shares in the company, valued at approximately $31,824,986.88. This represents a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’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 transaction, the chief technology officer now owns 8,618,602 shares of the company’s stock, valued at approximately $418,605,499.14. This represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,193,441 shares of company stock worth $41,362,270 in the last quarter. 16.04% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently bought and sold shares of CRDO. Franklin Resources Inc. lifted its stake in shares of Credo Technology Group by 17.9% in the 3rd quarter. Franklin Resources Inc. now owns 73,037 shares of the company’s stock valued at $2,250,000 after purchasing an additional 11,065 shares during the period. Geode Capital Management LLC raised its position in shares of Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after acquiring an additional 170,412 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Credo Technology Group during the 3rd quarter worth approximately $614,000. Orion Portfolio Solutions LLC grew its holdings in Credo Technology Group by 40.6% during the third quarter. Orion Portfolio Solutions LLC now owns 10,190 shares of the company’s stock valued at $314,000 after purchasing an additional 2,945 shares during the period. Finally, Castleark Management LLC increased its stake in Credo Technology Group by 31.9% in the third quarter. Castleark Management LLC now owns 166,730 shares of the company’s stock valued at $5,135,000 after purchasing an additional 40,300 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.