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

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report)'s share price rose 5.2% during mid-day 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 changed 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.

A number of other equities research analysts have also recently issued reports on the company. Susquehanna reaffirmed a "positive" rating and set a $90.00 target price (up previously from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Cowen reissued a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Bank of America reduced their price objective on 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. Roth Capital set a $95.00 price objective on Credo Technology Group and gave the company a "buy" rating in a research report on Friday, June 13th. Finally, Needham & Company LLC increased their price objective on Credo Technology Group from $80.00 to $85.00 and gave the company 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 assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $82.45.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 59,641 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $74.96, for a total value of $4,470,689.36. Following the completion of the transaction, the chief technology officer directly owned 7,603,961 shares in the company, valued at approximately $569,992,916.56. This represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lip Bu Tan sold 171,473 shares of Credo Technology Group stock in a transaction on Monday, June 16th. The shares were sold at an average price of $77.90, for a total value of $13,357,746.70. Following the transaction, the director directly owned 613,725 shares of the company's stock, valued at approximately $47,809,177.50. The trade was a 21.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,086,139 shares of company stock valued at $75,820,113 over the last 90 days. 16.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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

Credo Technology Group Stock Up 4.3%

The stock has a fifty day moving average of $68.57 and a 200-day moving average of $61.68. The firm has a market capitalization of $15.99 billion, a P/E ratio of 345.09, a PEG ratio of 1.68 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% 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 period in the previous year, the business posted $0.07 earnings per share. The firm's revenue for the quarter was up 179.6% compared to the same quarter last year. As a group, analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS 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.