Credo Technology Group (NASDAQ:CRDO) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Credo Technology Group (NASDAQ:CRDO - Free Report) had its price target lifted by Needham & Company LLC from $80.00 to $85.00 in a report published on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other research analysts also recently weighed in on the stock. Bank of America decreased their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Barclays decreased their price objective on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Mizuho cut their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Thursday, April 3rd. Finally, Stifel Nicolaus reduced their price target on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $78.60.

Credo Technology Group Stock Performance

NASDAQ:CRDO traded up $4.54 on Tuesday, reaching $76.46. The company's stock had a trading volume of 11,004,395 shares, compared to its average volume of 3,814,664. Credo Technology Group has a 1-year low of $22.50 and a 1-year high of $86.69. The business's 50-day moving average price is $48.95 and its two-hundred day moving average price is $57.93. The firm has a market cap of $12.98 billion, a PE ratio of -509.73 and a beta of 2.29.

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

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $48.02, for a total value of $2,641,100.00. Following the completion of the transaction, the chief technology officer now directly owns 7,663,602 shares in the company, valued at approximately $368,006,168.04. This trade represents a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James Laufman sold 8,000 shares of Credo Technology Group stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $39.09, for a total value of $312,720.00. Following the sale, the insider now directly owns 271,725 shares in the company, valued at $10,621,730.25. The trade was a 2.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 473,665 shares of company stock worth $19,795,531 in the last three months. 16.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Credo Technology Group during the fourth quarter worth $117,242,000. Nuveen LLC bought a new stake in shares of Credo Technology Group in the 1st quarter valued at about $52,636,000. Alliancebernstein L.P. increased its stake in shares of Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after buying an additional 1,305,594 shares during the period. Polar Capital Holdings Plc raised its position in shares of Credo Technology Group by 382.1% during the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after acquiring an additional 1,150,084 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after purchasing an additional 909,578 shares during the period. 80.46% of the stock is 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.