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

Key Points

• Mizuho raised its price target on Credo Technology Group from $220 to $260 and kept an outperform rating, implying about 10% upside from the prior close.
• Wall Street sentiment remains positive overall, with a consensus Buy rating and an average price target of $214.18, though some firms have recently issued mixed or lower targets.
• Credo reported strong quarterly results, including EPS of $1.07 versus $0.78 expected and revenue of $407.01 million, up 201.5% year over year; however, insiders also sold shares in recent months.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) had its price target boosted by analysts at Mizuho from $220.00 to $260.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Mizuho's price target points to a potential upside of 10.16% from the stock's previous close.

Several other research analysts have also recently issued reports on CRDO. Stifel Nicolaus set a $250.00 price objective on Credo Technology Group in a research note on Wednesday. Susquehanna decreased their price objective on Credo Technology Group from $230.00 to $170.00 and set a "positive" rating for the company in a report on Tuesday, March 3rd. Rothschild & Co Redburn assumed coverage on Credo Technology Group in a report on Friday, May 1st. They set a "buy" rating and a $206.00 price objective for the company. Jefferies Financial Group assumed coverage on Credo Technology Group in a report on Monday, April 13th. They set a "buy" rating and a $175.00 price objective for the company. Finally, Craig Hallum reiterated a "buy" rating and set a $200.00 price objective on shares of Credo Technology Group in a report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $214.18.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $236.03 on Monday. Credo Technology Group has a 52-week low of $59.21 and a 52-week high of $240.81. The stock has a market cap of $43.54 billion, a P/E ratio of 131.13 and a beta of 3.22. The business's 50 day moving average is $158.17 and its 200 day moving average is $144.80.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company had revenue of $407.01 million for the quarter, compared to analysts' expectations of $385.94 million. During the same quarter in the prior year, the firm earned $0.25 earnings per share. Credo Technology Group's revenue was up 201.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Credo Technology Group will post 2.36 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO William Joseph Brennan sold 50,000 shares of the firm's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the completion of the transaction, the chief executive officer owned 1,782,502 shares in the company, valued at $209,764,835.36. This trade represents a 2.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares of the company's stock, valued at $737,630,712. This trade represents a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 386,608 shares of company stock valued at $50,371,351 in the last 90 days. 11.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. NewEdge Advisors LLC raised its stake in Credo Technology Group by 128.4% in the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company's stock worth $284,000 after acquiring an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock worth $61,235,000 after purchasing an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company's stock worth $12,480,000 after purchasing an additional 7,107 shares during the period. CW Advisors LLC acquired a new stake in Credo Technology Group during the 2nd quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC grew its position in Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company's stock worth $46,000 after purchasing an additional 333 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

About Credo Technology Group

Credo Technology Group, Inc NASDAQ: CRDO is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo's product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.