Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $80.00

Credo Technology Group (NASDAQ:CRDO - Get Free Report) had its price objective hoisted by equities researchers at Stifel Nicolaus from $69.00 to $80.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Stifel Nicolaus' price target suggests a potential upside of 4.63% from the company's current price.

CRDO has been the topic of a number of other reports. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday. Susquehanna lifted their price target on shares of Credo Technology Group from $60.00 to $90.00 and gave the stock a "positive" rating in a research report on Tuesday. Mizuho reduced their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. Barclays lifted their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an "overweight" rating in a research report on Tuesday. Finally, TD Cowen boosted their price objective on shares of Credo Technology Group from $50.00 to $85.00 and gave the company a "buy" rating in a research report on Tuesday. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Credo Technology Group currently has a consensus rating of "Buy" and a consensus price target of $78.60.

Credo Technology Group Stock Performance

CRDO traded up $4.54 during trading on Tuesday, reaching $76.46. 11,004,395 shares of the company's stock were exchanged, compared to its average volume of 3,814,664. The company's fifty day moving average price is $48.95 and its 200-day moving average price is $57.93. Credo Technology Group has a fifty-two week low of $22.50 and a fifty-two week high of $86.69. The firm has a market capitalization of $12.98 billion, a PE ratio of -509.73 and a beta of 2.29.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its 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 firm had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. During the same quarter in the previous year, the business earned $0.07 EPS. The business's quarterly revenue was up 179.6% compared to the same quarter last year. Research analysts forecast that Credo Technology Group will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, Director Pantas Sutardja sold 1,875 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $46.01, for a total transaction of $86,268.75. Following the transaction, the director now directly owns 5,900,527 shares in the company, valued at $271,483,247.27. The trade was a 0.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider James Laufman sold 8,000 shares of the business's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $39.09, for a total transaction of $312,720.00. Following the transaction, the insider now owns 271,725 shares in the company, valued at $10,621,730.25. This represents a 2.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 473,665 shares of company stock worth $19,795,531 in the last ninety days. Insiders own 16.04% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Proficio Capital Partners LLC acquired a new position in shares of Credo Technology Group during the 4th quarter worth about $700,000. Pacer Advisors Inc. grew its stake in Credo Technology Group by 30.2% in the 4th quarter. Pacer Advisors Inc. now owns 3,906 shares of the company's stock valued at $263,000 after buying an additional 907 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Credo Technology Group by 3.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock valued at $79,289,000 after buying an additional 43,169 shares during the last quarter. Vontobel Holding Ltd. grew its stake in Credo Technology Group by 3.4% in the 4th quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company's stock valued at $1,316,000 after buying an additional 635 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Credo Technology Group by 7.0% in 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 buying an additional 36,949 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.