Credo Technology Group (NASDAQ:CRDO) Shares Up 5.2% on Analyst Upgrade

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report)'s stock price was up 5.2% during trading on Thursday after Mizuho raised their price target on the stock from $81.00 to $98.00. Mizuho currently has an outperform rating on the stock. Credo Technology Group traded as high as $92.96 and last traded at $93.98. Approximately 984,203 shares traded hands during trading, a decline of 76% from the average daily volume of 4,103,108 shares. The stock had previously closed at $89.37.

CRDO has been the topic of a number of other reports. Bank of America dropped their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. 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 target on shares of Credo Technology Group and gave the stock a "buy" rating in a research report on Friday, June 13th. Finally, TD Cowen raised their price objective on Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $82.45.

Insider Transactions at Credo Technology Group

In related news, 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 transaction of $5,095,750.00. Following the completion of the sale, the chief technology officer directly owned 7,383,961 shares of the company's stock, valued at $684,123,986.65. This trade represents a 0.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider James Laufman sold 5,000 shares of the company's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $85.07, for a total transaction of $425,350.00. Following the transaction, the insider directly owned 249,346 shares in the company, valued at approximately $21,211,864.22. This trade represents a 1.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,141,139 shares of company stock worth $77,632,913. Company insiders own 16.04% of the company's stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. City Center Advisors LLC purchased a new position in Credo Technology Group in the 2nd quarter valued at about $472,000. Cullen Investment Group LTD. acquired a new position in shares of Credo Technology Group during the 2nd quarter valued at $437,000. Swedbank AB raised its holdings in shares of Credo Technology Group by 29.5% during the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company's stock valued at $129,280,000 after buying an additional 733,811 shares during the period. Voya Investment Management LLC lifted its holdings in Credo Technology Group by 233.5% in the 1st quarter. Voya Investment Management LLC now owns 138,516 shares of the company's stock worth $5,563,000 after buying an additional 96,985 shares in the last quarter. Finally, Invst LLC bought a new stake in shares of Credo Technology Group in the first quarter worth $348,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Trading Up 4.3%

The firm has a 50-day moving average price of $67.58 and a 200 day moving average price of $61.59. The company has a market cap of $15.82 billion, a price-to-earnings ratio of 345.09, a price-to-earnings-growth ratio of 1.60 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. The firm 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 firm's revenue was up 179.6% compared to the same quarter last year. During the same period last year, the firm earned $0.07 EPS. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

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.