Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $90.00 at Susquehanna

Credo Technology Group (NASDAQ:CRDO - Get Free Report) had its target price increased by Susquehanna from $60.00 to $90.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "positive" rating on the stock. Susquehanna's price target points to a potential upside of 17.71% from the stock's previous close.

Several other analysts also recently commented on the stock. Barclays increased their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an "overweight" rating in a research report on Tuesday. TD Cowen increased their price objective on shares of Credo Technology Group from $50.00 to $85.00 and gave the company a "buy" rating in a research report on Tuesday. Mizuho cut their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. Needham & Company LLC increased their price objective on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Stifel Nicolaus cut their price objective on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $78.60.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock traded up $4.54 during trading on Tuesday, hitting $76.46. The company's stock had a trading volume of 11,004,395 shares, compared to its average volume of 3,814,664. The company has a fifty day simple moving average of $48.95 and a two-hundred day simple moving average of $57.93. The company has a market capitalization of $12.98 billion, a PE ratio of -509.73 and a beta of 2.29. Credo Technology Group has a 52 week low of $22.50 and a 52 week high of $86.69.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The company had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. During the same period in the prior year, the firm posted $0.07 EPS. Credo Technology Group's revenue for the quarter was up 179.6% on a year-over-year basis. As a group, analysts predict that Credo Technology Group will post 0.13 EPS for the current year.

Insider Buying and Selling

In related news, insider James Laufman sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $39.09, for a total value of $312,720.00. Following the transaction, the insider now owns 271,725 shares of the company's stock, valued at approximately $10,621,730.25. This trade represents a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Yat Tung Lam sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total transaction of $452,300.00. Following the completion of the transaction, the chief operating officer now directly owns 2,802,447 shares in the company, valued at approximately $126,754,677.81. The trade was a 0.36% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 473,665 shares of company stock valued at $19,795,531. 16.04% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Larson Financial Group LLC boosted its holdings in shares of Credo Technology Group by 21.5% in the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock worth $56,000 after buying an additional 245 shares during the last quarter. Operose Advisors LLC lifted its holdings in Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after purchasing an additional 252 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after purchasing an additional 348 shares in the last quarter. Amalgamated Bank lifted its holdings in Credo Technology Group by 9.4% during the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company's stock valued at $321,000 after purchasing an additional 411 shares in the last quarter. Finally, Arizona State Retirement System lifted its holdings in Credo Technology Group by 1.2% during the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company's stock valued at $2,751,000 after purchasing an additional 501 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

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.