Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $115.00

Credo Technology Group (NASDAQ:CRDO - Get Free Report) had its target price upped by equities researchers at Susquehanna from $90.00 to $115.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "positive" rating on the stock. Susquehanna's target price would suggest a potential upside of 24.99% from the stock's previous close.

Several other research analysts also recently weighed in on the company. Roth Capital set a $95.00 target price on Credo Technology Group and gave the stock a "buy" rating in a research note on Friday, June 13th. Mizuho upped their target price on Credo Technology Group from $81.00 to $98.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. TD Cowen upped their target price on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Finally, Needham & Company LLC upped 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, June 3rd. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $87.91.

Credo Technology Group Stock Performance

CRDO stock traded down $3.74 during trading on Tuesday, reaching $92.01. The company had a trading volume of 2,926,195 shares, compared to its average volume of 4,237,250. The firm has a 50-day simple moving average of $79.45 and a 200-day simple moving average of $63.78. The company has a market cap of $15.79 billion, a price-to-earnings ratio of 340.76, a price-to-earnings-growth ratio of 1.68 and a beta of 2.57. Credo Technology Group has a twelve month low of $22.50 and a twelve month high of $104.35.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating 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 firm had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. During the same quarter in the prior year, the firm earned $0.07 earnings per share. Credo Technology Group's revenue for the quarter was up 179.6% on a year-over-year basis. Sell-side analysts expect that Credo Technology Group will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Lip Bu Tan sold 12,248 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $93.22, for a total transaction of $1,141,758.56. Following the completion of the transaction, the director directly owned 467,180 shares in the company, valued at approximately $43,550,519.60. This represents a 2.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $97.29, for a total value of $368,729.10. Following the transaction, the chief financial officer owned 582,428 shares of the company's stock, valued at approximately $56,664,420.12. This represents a 0.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,023,139 shares of company stock valued at $79,992,980 in the last quarter. Corporate insiders own 16.04% of the company's stock.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds have recently bought and sold shares of the company. Operose Advisors LLC raised its position in Credo Technology Group by 69.2% in the 1st 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. Northwestern Mutual Wealth Management Co. acquired a new stake in Credo Technology Group in the 1st quarter valued at about $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Credo Technology Group in the 1st quarter valued at about $27,000. Harbour Investments Inc. acquired a new stake in Credo Technology Group in the 1st quarter valued at about $29,000. Finally, Virtus Advisers LLC acquired a new stake in Credo Technology Group in the 1st quarter valued at about $31,000. Institutional investors and hedge funds 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.

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