Credo Technology Group (NASDAQ:CRDO) Sets New 52-Week High on Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price hit a new 52-week high on Monday after TD Cowen raised their price target on the stock from $35.00 to $40.00. TD Cowen currently has a buy rating on the stock. Credo Technology Group traded as high as $33.05 and last traded at $33.05, with a volume of 1045448 shares trading hands. The stock had previously closed at $30.87.

Several other equities analysts also recently issued reports on CRDO. Craig Hallum lifted their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, April 15th. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Bank of America reaffirmed an “underperform” rating and issued a $22.00 target price (up from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. Finally, Barclays boosted their target price on shares of Credo Technology Group from $23.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.88.

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $17.50, for a total transaction of $175,000.00. Following the completion of the sale, the chief operating officer now directly owns 3,143,738 shares of the company’s stock, valued at $55,015,415. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $17.50, for a total transaction of $175,000.00. Following the completion of the sale, the chief operating officer now directly owns 3,143,738 shares of the company’s stock, valued at $55,015,415. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lip Bu Tan sold 112,441 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $31.99, for a total transaction of $3,596,987.59. Following the sale, the director now directly owns 133,583 shares of the company’s stock, valued at $4,273,320.17. The disclosure for this sale can be found here. Insiders sold a total of 641,240 shares of company stock valued at $15,721,485 over the last ninety days. Insiders own 23.89% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Credo Technology Group by 7.7% during the first quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock valued at $319,202,000 after purchasing an additional 1,072,301 shares during the period. Jennison Associates LLC grew its holdings in Credo Technology Group by 1.9% during the first quarter. Jennison Associates LLC now owns 2,375,255 shares of the company’s stock valued at $50,332,000 after purchasing an additional 45,396 shares during the period. Wellington Management Group LLP acquired a new position in Credo Technology Group during the fourth quarter valued at approximately $35,224,000. AMF Tjanstepension AB grew its holdings in Credo Technology Group by 31.8% during the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock valued at $36,302,000 after purchasing an additional 413,149 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of Credo Technology Group by 3.4% in the first quarter. Principal Financial Group Inc. now owns 1,631,832 shares of the company’s stock valued at $34,579,000 after buying an additional 53,432 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Up 7.6 %

The company has a market cap of $5.49 billion, a price-to-earnings ratio of -183.61 and a beta of 2.24. The company’s fifty day moving average price is $25.36 and its two-hundred day moving average price is $22.21.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Wednesday, May 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). The company had revenue of $60.78 million during the quarter, compared to analyst estimates of $60.50 million. Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.51%. On average, equities research analysts predict that Credo Technology Group Holding Ltd will post 0.07 earnings per share for the current fiscal year.

About Credo Technology Group

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.