Credo Technology Group (NASDAQ:CRDO) Rating Increased to Strong-Buy at Noble Financial

Noble Financial upgraded shares of Credo Technology Group (NASDAQ:CRDO - Free Report) to a strong-buy rating in a report published on Tuesday morning,Zacks.com reports.

A number of other brokerages have also recently issued reports on CRDO. Bank of America cut their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Susquehanna reaffirmed a "positive" rating and issued a $90.00 price objective (up previously from $60.00) on shares of Credo Technology Group in a research note on Tuesday. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a research note on Tuesday. Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the company an "overweight" rating in a research note on Tuesday. Finally, Mizuho cut their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. Eleven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Credo Technology Group has an average rating of "Buy" and an average price target of $78.60.

Credo Technology Group Price Performance

CRDO stock traded down $0.04 during midday trading on Tuesday, reaching $72.96. The company had a trading volume of 4,136,869 shares, compared to its average volume of 3,843,348. Credo Technology Group has a 1 year low of $22.50 and a 1 year high of $86.69. The company has a market capitalization of $12.39 billion, a P/E ratio of -486.40 and a beta of 2.42. The firm has a 50-day moving average price of $50.23 and a 200-day moving average price of $58.35.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The business had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same quarter in the previous year, the company earned $0.07 EPS. The business's quarterly revenue was up 179.6% compared to the same quarter last year. On average, equities analysts predict that Credo Technology Group will post 0.13 EPS for the current year.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $32.96, for a total value of $1,812,800.00. Following the completion of the transaction, the chief technology officer now directly owns 7,938,602 shares of the company's stock, valued at $261,656,321.92. This trade represents a 0.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider James Laufman sold 8,000 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $39.09, for a total transaction of $312,720.00. Following the completion of the transaction, the insider now directly owns 271,725 shares of the company's stock, valued at $10,621,730.25. The trade was a 2.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 473,665 shares of company stock valued at $19,795,531 over the last three months. 16.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of CRDO. JPMorgan Chase & Co. raised its position in shares of Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in Credo Technology Group in the fourth quarter valued at approximately $353,000. Elemental Capital Partners LLC purchased a new stake in Credo Technology Group in the fourth quarter valued at approximately $43,171,000. Bleakley Financial Group LLC purchased a new stake in Credo Technology Group in the fourth quarter valued at approximately $270,000. Finally, Silver Oak Securities Incorporated purchased a new stake in Credo Technology Group in the fourth quarter valued at approximately $215,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.