Credo Technology Group (NASDAQ:CRDO) Stock Price Expected to Rise, Susquehanna Analyst Says

Credo Technology Group (NASDAQ:CRDO - Free Report) had its price target hoisted by Susquehanna from $90.00 to $115.00 in a report published on Tuesday,Benzinga reports. They currently have a positive rating on the stock.

Several other research analysts have also recently issued reports on CRDO. Mizuho upped their target price on shares of Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Roth Capital set a $95.00 target price on shares of Credo Technology Group and gave the company a "buy" rating in a report on Friday, June 13th. Stifel Nicolaus upped their target price on shares of Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a report on Friday, July 18th. Wall Street Zen cut shares of Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Cowen reiterated a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $87.91.

Credo Technology Group Stock Up 5.9%

NASDAQ CRDO traded up $5.48 on Tuesday, hitting $98.41. 4,435,396 shares of the stock were exchanged, compared to its average volume of 4,267,042. Credo Technology Group has a fifty-two week low of $22.50 and a fifty-two week high of $104.35. The company has a market cap of $16.89 billion, a PE ratio of 364.48, a PEG ratio of 1.67 and a beta of 2.57. The company has a 50-day moving average price of $80.90 and a 200-day moving average price of $64.22.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The company had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same quarter in the previous year, the business posted $0.07 EPS. The firm's revenue was up 179.6% on a year-over-year basis. As a group, equities research analysts predict that Credo Technology Group will post 0.13 EPS for the current fiscal year.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $96.54, for a total value of $5,309,700.00. Following the completion of the transaction, the chief technology officer owned 7,218,961 shares in the company, valued at $696,918,494.94. This trade represents a 0.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $97.29, for a total transaction of $368,729.10. Following the completion of the transaction, the chief financial officer owned 582,428 shares of the company's stock, valued at $56,664,420.12. This represents a 0.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,078,139 shares of company stock worth $85,302,680 in the last three months. 16.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in CRDO. Norges Bank purchased a new stake in shares of Credo Technology Group during the fourth quarter worth about $117,242,000. Nuveen LLC purchased a new stake in Credo Technology Group during the first quarter worth approximately $52,636,000. Alliancebernstein L.P. grew its stake in Credo Technology Group by 299.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after buying an additional 1,305,594 shares during the period. Polar Capital Holdings Plc lifted its holdings in Credo Technology Group by 382.1% in the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after buying an additional 1,150,084 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Credo Technology Group by 441.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock worth $65,594,000 after buying an additional 795,751 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.