Credo Technology Group (NASDAQ:CRDO) Hits New 12-Month High Following Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price reached a new 52-week high during trading on Thursday after Stifel Nicolaus raised their price target on the stock from $40.00 to $42.00. Stifel Nicolaus currently has a buy rating on the stock. Credo Technology Group traded as high as $37.29 and last traded at $37.24, with a volume of 2316313 shares. The stock had previously closed at $35.17.

Other analysts have also issued reports about the stock. TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Roth Mkm lifted their price objective on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Bank of America upped their target price on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. Barclays lifted their price target on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Finally, Needham & Company LLC raised their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $34.22.

Insider Buying and Selling at Credo Technology Group

In related news, Director Lip Bu Tan sold 245,438 shares of Credo Technology Group stock in a transaction on Monday, July 15th. The shares were sold at an average price of $32.67, for a total value of $8,018,459.46. Following the transaction, the director now owns 2,863,725 shares in the company, valued at $93,557,895.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related 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 owns 2,529,738 shares of the company’s stock, valued at approximately $65,140,753.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Lip Bu Tan sold 245,438 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the completion of the sale, the director now directly owns 2,863,725 shares of the company’s stock, valued at approximately $93,557,895.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,509,974 shares of company stock worth $46,475,972 over the last 90 days. Insiders own 23.89% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Arcadia Investment Management Corp MI bought a new position in Credo Technology Group during the second quarter valued at about $29,000. Fifth Third Bancorp grew its holdings in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after purchasing an additional 400 shares in the last quarter. Covestor Ltd increased its position in shares of Credo Technology Group by 19,240.0% during the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after purchasing an additional 1,924 shares during the period. CWM LLC increased its position in shares of Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares during the period. Finally, Cranbrook Wealth Management LLC acquired a new position in shares of Credo Technology Group in the second quarter valued at $51,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Up 2.7 %

The stock has a market capitalization of $6.32 billion, a P/E ratio of -212.56 and a beta of 2.24. The firm has a 50-day moving average of $30.52 and a 200 day moving average of $26.41.

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). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The business had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. Analysts predict that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

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.