Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $85.00 at Barclays

Credo Technology Group (NASDAQ:CRDO - Free Report) had its price objective hoisted by Barclays from $70.00 to $85.00 in a report issued on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts also recently weighed in on the company. Mizuho cut their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Stifel Nicolaus decreased their price objective on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Bank of America lowered their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Finally, Needham & Company LLC lifted their target price on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research note on Tuesday. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $78.60.

Credo Technology Group Stock Performance

CRDO traded up $4.54 during midday trading on Tuesday, hitting $76.46. The company had a trading volume of 11,004,395 shares, compared to its average volume of 3,814,664. Credo Technology Group has a twelve month low of $22.50 and a twelve month high of $86.69. The company has a market capitalization of $12.98 billion, a PE ratio of -509.73 and a beta of 2.29. The firm's 50-day simple moving average is $48.95 and its 200-day simple moving average is $57.93.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. Credo Technology Group's revenue for the quarter was up 179.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.07 earnings per share. As a group, sell-side analysts anticipate that Credo Technology Group will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the business's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $40.75, for a total transaction of $154,442.50. Following the completion of the transaction, the chief financial officer now owns 608,602 shares of the company's stock, valued at approximately $24,800,531.50. The trade was a 0.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the completion of the sale, the chief technology officer now owns 8,048,602 shares in the company, valued at approximately $400,578,921.54. The trade was a 0.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 473,665 shares of company stock valued at $19,795,531 over the last quarter. 16.04% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC grew its position in Credo Technology Group by 21.5% during the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock worth $56,000 after acquiring an additional 245 shares during the last quarter. Operose Advisors LLC increased its stake in shares of Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after buying an additional 252 shares during the period. CIBC Private Wealth Group LLC raised its holdings in Credo Technology Group by 51.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after buying an additional 348 shares during the last quarter. Amalgamated Bank grew its holdings in Credo Technology Group by 9.4% during the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company's stock worth $321,000 after acquiring an additional 411 shares during the last quarter. Finally, Arizona State Retirement System increased its position in Credo Technology Group by 1.2% in the 4th quarter. Arizona State Retirement System now owns 40,931 shares of the company's stock valued at $2,751,000 after acquiring an additional 501 shares during the period. 80.46% of the stock is currently 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.