Credo Technology Group (NASDAQ:CRDO) Given New $130.00 Price Target at Stifel Nicolaus

Key Points

• Credo Technology Group has had its price target raised from $115.00 to $130.00 by analysts at Stifel Nicolaus, indicating a potential upside of 6.44% from its current price.
• Multiple brokerages have rated Credo Technology Group with overall consensus of "Buy", with a consensus target price of $92.64.
• In recent insider trading, CEO William Joseph Brennan sold 150,000 shares at an average price of $106.87, reducing his ownership by 6.78%.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) had its price objective increased by analysts at Stifel Nicolaus from $115.00 to $130.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Stifel Nicolaus' price objective suggests a potential upside of 6.44% from the company's current price.

CRDO has been the topic of a number of other reports. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Barclays set a $85.00 target price on Credo Technology Group and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. Susquehanna raised their target price on Credo Technology Group from $90.00 to $115.00 and gave the stock a "positive" rating in a report on Tuesday, July 22nd. Needham & Company LLC raised their target price on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Finally, Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. One analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $92.64.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded down $0.92 during midday trading on Tuesday, hitting $122.14. 3,201,824 shares of the stock traded hands, compared to its average volume of 5,140,255. The firm has a 50-day moving average of $106.36 and a two-hundred day moving average of $72.26. The firm has a market capitalization of $21.13 billion, a P/E ratio of 452.37, a PEG ratio of 2.21 and a beta of 2.59. Credo Technology Group has a one year low of $24.08 and a one year high of $134.35.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%.The company had revenue of $170.00 million for the quarter, compared to analysts' expectations of $159.59 million. During the same period last year, the firm earned $0.07 EPS. Credo Technology Group's revenue for the quarter was up 179.6% compared to the same quarter last year. Equities analysts forecast that Credo Technology Group will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO William Joseph Brennan sold 150,000 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $106.87, for a total transaction of $16,030,500.00. Following the completion of the transaction, the chief executive officer owned 2,061,978 shares in the company, valued at $220,363,588.86. This trade represents a 6.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $107.00, for a total value of $200,625.00. Following the transaction, the director owned 5,898,652 shares of the company's stock, valued at approximately $631,155,764. The trade was a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,274,583 shares of company stock valued at $113,118,257 in the last ninety days. Insiders own 11.84% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CRDO. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in Credo Technology Group in the second quarter worth about $27,000. Wolff Wiese Magana LLC grew its position in Credo Technology Group by 200.0% in the second quarter. Wolff Wiese Magana LLC now owns 450 shares of the company's stock worth $42,000 after acquiring an additional 300 shares in the last quarter. Cullen Frost Bankers Inc. grew its position in Credo Technology Group by 278.4% in the second quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company's stock worth $44,000 after acquiring an additional 348 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company's stock worth $46,000 after acquiring an additional 333 shares in the last quarter. Finally, Operose Advisors LLC grew its position in Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after acquiring an additional 252 shares in the last quarter. Hedge funds and other institutional investors 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.

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