Credo Technology Group (NASDAQ:CRDO) Stock Price Up 8.3% Following Analyst Upgrade

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) shot up 8.3% on Wednesday after TD Cowen raised their price target on the stock from $85.00 to $95.00. TD Cowen currently has a buy rating on the stock. Credo Technology Group traded as high as $85.30 and last traded at $86.31. Approximately 2,179,437 shares were traded during mid-day trading, a decline of 45% from the average session volume of 3,957,443 shares. The stock had previously closed at $79.71.

Several other research firms have also commented on CRDO. Susquehanna reaffirmed a "positive" rating and set a $90.00 price target (up previously from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Stifel Nicolaus upped their price target on shares of Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Roth Capital set a $95.00 price objective on shares of Credo Technology Group and gave the stock a "buy" rating in a research report on Friday. Bank of America reduced 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 report on Wednesday, March 5th. Finally, Barclays set a $85.00 price target on Credo Technology Group and gave the company an "overweight" 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's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $81.00.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the transaction, the chief technology officer now owns 8,048,602 shares of the company's stock, valued at $400,578,921.54. This trade represents a 0.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lip Bu Tan sold 100,000 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $75.33, for a total value of $7,533,000.00. Following the sale, the director now owns 788,725 shares of the company's stock, valued at $59,414,654.25. This represents a 11.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 728,121 shares of company stock valued at $40,308,283 in the last quarter. 16.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Proficio Capital Partners LLC purchased a new position in Credo Technology Group in the 4th quarter valued at about $700,000. Charles Schwab Investment Management Inc. boosted its holdings in Credo Technology Group by 3.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock valued at $79,289,000 after purchasing an additional 43,169 shares during the last quarter. Vontobel Holding Ltd. boosted its holdings in Credo Technology Group by 3.4% in the fourth quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company's stock valued at $1,316,000 after purchasing an additional 635 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Credo Technology Group by 7.0% during the 4th quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company's stock valued at $37,798,000 after purchasing an additional 36,949 shares in the last quarter. Finally, Amalgamated Bank increased its holdings in Credo Technology Group by 9.4% during the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company's stock worth $321,000 after purchasing an additional 411 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Trading Up 8.1%

The company has a market capitalization of $14.64 billion, a price-to-earnings ratio of 320.21 and a beta of 2.42. The stock has a 50-day simple moving average of $55.33 and a 200-day simple moving average of $59.79.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released 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. Credo Technology Group had a net margin of 11.95% and a return on equity of 9.15%. The company had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. During the same quarter in the previous year, the firm earned $0.07 EPS. The company's revenue was up 179.6% on a year-over-year basis. On average, research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

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.

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