Craig Hallum Raises Credo Technology Group (NASDAQ:CRDO) Price Target to $30.00

Credo Technology Group (NASDAQ:CRDO - Get Free Report) had its price target boosted by equities research analysts at Craig Hallum from $28.00 to $30.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Craig Hallum's target price points to a potential upside of 54.32% from the stock's current price.

Other analysts also recently issued reports about the company. The Goldman Sachs Group upped their price objective on Credo Technology Group from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Wednesday, February 28th. Needham & Company LLC upped their price target on Credo Technology Group from $24.00 to $26.00 and gave the stock a "buy" rating in a research note on Wednesday, February 28th. TD Cowen lifted their price objective on Credo Technology Group from $20.00 to $24.00 and gave the company a "market perform" rating in a research note on Wednesday, February 28th. Finally, Mizuho reiterated a "buy" rating and set a $30.00 target price (up previously from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $24.25.

Credo Technology Group Stock Performance

NASDAQ CRDO traded down $2.00 during trading hours on Monday, hitting $19.44. 2,749,047 shares of the company's stock were exchanged, compared to its average volume of 2,170,787. The firm has a market capitalization of $3.17 billion, a P/E ratio of -84.52 and a beta of 1.97. The business's 50 day moving average is $21.53 and its 200-day moving average is $19.16. Credo Technology Group has a 12-month low of $7.20 and a 12-month high of $23.90.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.01. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The business had revenue of $53.06 million for the quarter, compared to analyst estimates of $51.91 million. During the same period in the prior year, the firm posted $0.02 EPS. The company's revenue was down 2.2% on a year-over-year basis. As a group, equities research analysts anticipate that Credo Technology Group will post -0.12 EPS for the current fiscal year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $19.09, for a total value of $190,900.00. Following the completion of the transaction, the chief operating officer now owns 3,088,198 shares in the company, valued at approximately $58,953,699.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the business's stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $19.09, for a total value of $190,900.00. Following the transaction, the chief operating officer now owns 3,088,198 shares in the company, valued at approximately $58,953,699.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Joseph Brennan sold 15,000 shares of the company's stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $19.31, for a total transaction of $289,650.00. Following the completion of the transaction, the chief executive officer now directly owns 3,202,500 shares of the company's stock, valued at $61,840,275. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,097,198 shares of company stock worth $45,424,564. 23.89% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada acquired a new stake in shares of Credo Technology Group in the 1st quarter valued at about $26,000. Ameritas Investment Partners Inc. acquired a new stake in Credo Technology Group during the first quarter valued at approximately $26,000. Advisors Asset Management Inc. lifted its holdings in Credo Technology Group by 295.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company's stock worth $28,000 after buying an additional 1,376 shares during the last quarter. KBC Group NV acquired a new position in shares of Credo Technology Group in the 4th quarter worth approximately $43,000. Finally, Altshuler Shaham Ltd bought a new stake in shares of Credo Technology Group in the 4th quarter valued at approximately $40,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.