Mizuho Issues Positive Forecast for Credo Technology Group (NASDAQ:CRDO) Stock Price

Credo Technology Group (NASDAQ:CRDO - Free Report) had its price target hoisted by Mizuho from $81.00 to $98.00 in a report published on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other equities research analysts also recently issued reports about the stock. Susquehanna reaffirmed a "positive" rating and set a $90.00 target price (up from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Roth Capital set a $95.00 price objective on Credo Technology Group and gave the stock a "buy" rating in a research report on Friday, June 13th. Barclays set a $85.00 target price on shares of Credo Technology Group and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Finally, Stifel Nicolaus lifted their price objective on shares of Credo Technology Group from $69.00 to $80.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Twelve research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $82.45.

Credo Technology Group Price Performance

NASDAQ CRDO traded up $3.81 on Thursday, hitting $93.18. The company had a trading volume of 3,239,611 shares, compared to its average volume of 4,124,303. Credo Technology Group has a 12-month low of $22.50 and a 12-month high of $95.71. The company's fifty day moving average price is $67.58 and its 200-day moving average price is $61.59. The company has a market capitalization of $15.82 billion, a PE ratio of 331.00, a PEG ratio of 1.60 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.08. The business had revenue of $170.00 million for the quarter, compared to analysts' expectations of $159.59 million. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. The business's revenue for the quarter was up 179.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.07 EPS. On average, sell-side analysts anticipate that Credo Technology Group will post 0.13 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, insider James Laufman sold 5,000 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $85.07, for a total transaction of $425,350.00. Following the completion of the sale, the insider owned 249,346 shares in the company, valued at $21,211,864.22. The trade was a 1.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of $92.65, for a total value of $5,095,750.00. Following the completion of the sale, the chief technology officer directly owned 7,383,961 shares in the company, valued at $684,123,986.65. This represents a 0.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,141,139 shares of company stock worth $77,632,913 over the last quarter. 16.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its stake in Credo Technology Group by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock valued at $222,884,000 after buying an additional 138,686 shares in the last quarter. Swedbank AB grew its position in Credo Technology Group by 29.5% in the first quarter. Swedbank AB now owns 3,219,125 shares of the company's stock worth $129,280,000 after buying an additional 733,811 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Credo Technology Group by 6.1% in the first quarter. Alliancebernstein L.P. now owns 1,846,387 shares of the company's stock valued at $74,151,000 after buying an additional 105,405 shares in the last quarter. Norges Bank acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at $117,242,000. Finally, Ameriprise Financial Inc. lifted its position in shares of Credo Technology Group by 49.5% during the 4th quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock valued at $110,482,000 after acquiring an additional 543,940 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

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.