Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $75.00 at TD Cowen

Credo Technology Group (NASDAQ:CRDO) had its target price increased by TD Cowen from $45.00 to $75.00 in a research report report published on Tuesday, MarketBeat Ratings reports. The firm currently has a buy rating on the stock.

Other analysts have also recently issued reports about the company. Barclays boosted their price objective on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Craig Hallum boosted their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Roth Mkm raised their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Needham & Company LLC upped their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and raised their target price for the stock from $27.00 to $80.00 in a research report on Tuesday. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $63.56.

Credo Technology Group Stock Up 47.9 %

Shares of CRDO stock opened at $70.69 on Tuesday. Credo Technology Group has a 12 month low of $16.82 and a 12 month high of $72.30. The firm has a market cap of $11.74 billion, a PE ratio of -471.27 and a beta of 2.26. The stock has a 50 day moving average of $40.42 and a 200-day moving average of $32.73.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The firm had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative return on equity of 2.97% and a negative net margin of 9.70%. As a group, equities analysts predict that Credo Technology Group will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the completion of the sale, the chief executive officer now owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. This trade represents a 5.38 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 transaction, the chief operating officer now owns 2,885,840 shares in the company, valued at $79,908,909.60. The trade was a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,337,321 shares of company stock worth $45,067,180. 16.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its holdings in Credo Technology Group by 10.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock valued at $1,484,000 after acquiring an additional 6,813 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of Credo Technology Group by 7.7% in the 1st quarter. California State Teachers Retirement System now owns 128,795 shares of the company’s stock valued at $2,729,000 after acquiring an additional 9,218 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Credo Technology Group by 319.8% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 31,383 shares of the company’s stock valued at $1,002,000 after acquiring an additional 23,907 shares during the period. Kingswood Wealth Advisors LLC bought a new position in Credo Technology Group during the 2nd quarter worth approximately $392,000. Finally, CWM LLC increased its stake in Credo Technology Group by 78.1% in 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 in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

About Credo Technology Group

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.