Needham & Company LLC Issues Positive Forecast for Credo Technology Group (NASDAQ:CRDO) Stock Price

Credo Technology Group (NASDAQ:CRDO) had its price target lifted by Needham & Company LLC from $43.00 to $70.00 in a research report report published on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has a buy rating on the stock.

Other analysts have also issued reports about the company. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their target price for the stock from $27.00 to $80.00 in a research report on Tuesday. Stifel Nicolaus upped their target price on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Craig Hallum raised their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, Mizuho increased their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $63.56.

Credo Technology Group Stock Up 47.9 %

NASDAQ CRDO opened at $70.69 on Tuesday. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $72.30. The business has a 50 day moving average price of $40.42 and a two-hundred day moving average price of $32.73. The stock has a market cap of $11.74 billion, a PE ratio of -471.27 and a beta of 2.26.

Credo Technology Group (NASDAQ:CRDO) last announced 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 9.70% and a negative return on equity of 2.97%. The firm had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Sell-side analysts anticipate that Credo Technology Group will post -0.02 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the completion of the transaction, the chief executive officer now owns 2,529,738 shares in the company, valued at $65,140,753.50. The trade was a 5.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00. Following the transaction, the director now owns 2,638,725 shares of the company’s stock, valued at approximately $80,481,112.50. The trade was a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,337,321 shares of company stock valued at $45,067,180. Company insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 Hong Kong Ltd bought a new stake in shares of Credo Technology Group during the third quarter valued at approximately $3,948,000. Principal Financial Group Inc. raised 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 in the last quarter. Los Angeles Capital Management LLC acquired a new position in Credo Technology Group during the 3rd quarter worth $565,000. Carnegie Investment Counsel grew its stake in shares of Credo Technology Group by 7.3% in the third quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock worth $9,610,000 after purchasing an additional 21,350 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Credo Technology Group by 4.2% during the third quarter. The Manufacturers Life Insurance Company now owns 1,768,737 shares of the company’s stock valued at $54,477,000 after purchasing an additional 71,014 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

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.