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

Credo Technology Group (NASDAQ:CRDO) had its target price hoisted by Craig Hallum from $38.00 to $75.00 in a research note released on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also weighed in on CRDO. Needham & Company LLC raised their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday. Mizuho lifted their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. TD Cowen increased their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday. Stifel Nicolaus reissued a “buy” rating and issued a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a research report on Tuesday. Finally, Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the stock from $27.00 to $80.00 in a research report on Tuesday. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $63.56.

Credo Technology Group Trading Up 47.9 %

Shares of CRDO stock opened at $70.69 on Tuesday. The firm has a fifty day simple moving average of $40.42 and a 200-day simple moving average of $32.73. The company has a market capitalization of $11.74 billion, a PE ratio of -471.27 and a beta of 2.26. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $72.30.

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 business had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. Equities research analysts predict that Credo Technology Group will post -0.02 EPS for the current year.

Insider Activity at Credo Technology Group

In other news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the transaction, the chief operating officer now directly owns 2,885,840 shares of the company’s stock, valued at approximately $79,908,909.60. This represents a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction that occurred 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 sale, the director now owns 2,638,725 shares in the company, valued at $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. Insiders sold a total of 1,337,321 shares of company stock valued at $45,067,180 in the last quarter. Insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of CRDO. Allworth Financial LP lifted its position in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Credo Technology Group in the second quarter valued at approximately $29,000. Rakuten Securities Inc. bought a new stake in shares of Credo Technology Group during the third quarter valued at approximately $30,000. Fifth Third Bancorp boosted its position in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares during the period. Finally, Brown Brothers Harriman & Co. grew its holdings in Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.