Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $95.00

Credo Technology Group (NASDAQ:CRDO - Get Free Report) had its target price lifted by research analysts at TD Cowen from $85.00 to $95.00 in a research report issued to clients and investors on Wednesday,Briefing.com Automated Import reports. The brokerage presently has a "buy" rating on the stock. TD Cowen's price target would indicate a potential upside of 19.18% from the company's current price.

Other analysts also recently issued research reports about the stock. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Mizuho dropped their target price on 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. Roth Capital set a $95.00 price target on Credo Technology Group and gave the company a "buy" rating in a research note on Friday. Bank of America decreased 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 research report on Wednesday, March 5th. Finally, Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Twelve investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $81.00.

Credo Technology Group Stock Up 0.7%

Shares of CRDO stock opened at $79.71 on Wednesday. Credo Technology Group has a 52-week low of $22.50 and a 52-week high of $86.69. The stock's 50-day moving average price is $55.33 and its 200 day moving average price is $59.79. The stock has a market capitalization of $13.53 billion, a PE ratio of 295.22 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released 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 return on equity of 9.15% and a net margin of 11.95%. The business had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same quarter in the prior year, the business earned $0.07 earnings per share. The company's quarterly revenue was up 179.6% compared to the same quarter last year. Analysts expect that Credo Technology Group will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, Director Lip Bu Tan sold 100,000 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $75.33, for a total value of $7,533,000.00. Following the completion of the transaction, the director now owns 788,725 shares of the company's stock, valued at $59,414,654.25. The trade was a 11.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the company's stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $40.75, for a total transaction of $154,442.50. Following the transaction, the chief financial officer now directly owns 608,602 shares in the company, valued at $24,800,531.50. The trade was a 0.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 728,121 shares of company stock valued at $40,308,283 in the last ninety days. Corporate insiders own 16.04% of the company's stock.

Institutional Trading of Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Kestra Investment Management LLC acquired a new position in Credo Technology Group during the fourth quarter worth approximately $38,000. Operose Advisors LLC boosted its holdings in shares of 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 during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Credo Technology Group during the 1st quarter valued at $25,000. Principal Securities Inc. increased its holdings in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after buying an additional 576 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Credo Technology Group in the 1st quarter worth $27,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

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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