Credo Technology Group (NASDAQ:CRDO) Upgraded at TD Cowen

Credo Technology Group (NASDAQ:CRDO) was upgraded by research analysts at TD Cowen from a “hold” rating to a “buy” rating in a report released on Tuesday, Marketbeat reports. The brokerage currently has a $35.00 price objective on the stock, up from their prior price objective of $24.00. TD Cowen’s price objective would indicate a potential upside of 28.25% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. The Goldman Sachs Group lifted their price objective on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Bank of America reaffirmed an “underperform” rating and set a $22.00 price objective (up from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. Mizuho reaffirmed a “buy” rating and set a $30.00 price objective (up from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Finally, Barclays boosted their price target on shares of Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.25.

Credo Technology Group Stock Down 0.7 %

Shares of CRDO stock opened at $27.29 on Tuesday. Credo Technology Group has a 52 week low of $13.38 and a 52 week high of $29.89. The stock has a market capitalization of $4.46 billion, a PE ratio of -151.61 and a beta of 2.20. The firm has a 50 day moving average of $21.65 and a two-hundred day moving average of $21.03.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Wednesday, May 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). The business had revenue of $60.78 million during the quarter, compared to analysts’ expectations of $60.50 million. Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.87%. Analysts expect that Credo Technology Group will post 0.07 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, April 1st. The shares were sold at an average price of $21.31, for a total value of $1,172,050.00. Following the transaction, the chief technology officer now directly owns 9,938,602 shares in the company, valued at $211,791,608.62. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $28.21, for a total transaction of $282,100.00. Following the transaction, the chief operating officer now directly owns 3,130,945 shares in the company, valued at $88,323,958.45. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $21.31, for a total transaction of $1,172,050.00. Following the transaction, the chief technology officer now owns 9,938,602 shares in the company, valued at $211,791,608.62. The disclosure for this sale can be found here. Over the last three months, insiders have sold 713,193 shares of company stock worth $15,314,176. 23.89% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CRDO. Ulland Investment Advisors LLC acquired a new position in shares of Credo Technology Group during the first quarter worth about $29,000. Covestor Ltd grew its position in Credo Technology Group by 19,240.0% during the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after buying an additional 1,924 shares during the period. Advisors Asset Management Inc. grew its position in Credo Technology Group by 47.6% during the first quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock worth $81,000 after buying an additional 1,229 shares during the period. Banque Cantonale Vaudoise acquired a new position in Credo Technology Group during the first quarter worth about $97,000. Finally, Assetmark Inc. grew its position in Credo Technology Group by 30.1% during the fourth quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock worth $106,000 after buying an additional 1,263 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.