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

Credo Technology Group (NASDAQ:CRDO - Get Free Report) had its price target increased by Stifel Nicolaus from $80.00 to $115.00 in a report released on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Stifel Nicolaus' price objective suggests a potential upside of 23.39% from the stock's current price.

A number of other analysts have also commented on CRDO. Susquehanna reaffirmed a "positive" rating and set a $90.00 price objective (up from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Roth Capital set a $95.00 price objective on shares of Credo Technology Group and gave the company a "buy" rating in a research note on Friday, June 13th. Needham & Company LLC upped their price objective on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Finally, Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Credo Technology Group has an average rating of "Buy" and a consensus price target of $85.64.

Credo Technology Group Trading Down 5.3%

CRDO stock traded down $5.25 during trading on Friday, hitting $93.20. The company had a trading volume of 2,160,933 shares, compared to its average volume of 4,203,618. The firm has a market capitalization of $16.00 billion, a price-to-earnings ratio of 346.11, a P/E/G ratio of 1.82 and a beta of 2.57. The business has a 50 day moving average of $77.79 and a 200 day moving average of $63.51. Credo Technology Group has a fifty-two week low of $22.50 and a fifty-two week high of $104.35.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The company's quarterly revenue was up 179.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.07 earnings per share. As a group, equities analysts predict that Credo Technology Group will post 0.13 EPS for the current year.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 59,641 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $74.96, for a total value of $4,470,689.36. Following the completion of the sale, the chief technology officer directly owned 7,603,961 shares of the company's stock, valued at approximately $569,992,916.56. This represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 171,473 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $77.90, for a total value of $13,357,746.70. Following the completion of the sale, the director directly owned 613,725 shares of the company's stock, valued at $47,809,177.50. This represents a 21.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,078,139 shares of company stock worth $82,013,680. Corporate insiders own 16.04% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wolff Wiese Magana LLC lifted its position in Credo Technology Group by 200.0% in the second quarter. Wolff Wiese Magana LLC now owns 450 shares of the company's stock worth $42,000 after purchasing an additional 300 shares during the period. Operose Advisors LLC lifted its holdings in shares of Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after acquiring an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. bought a new position in shares of Credo Technology Group during the first quarter valued at $25,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Credo Technology Group during the first quarter valued at $27,000. Finally, Signaturefd LLC lifted its holdings in shares of Credo Technology Group by 32.4% during the second quarter. Signaturefd LLC now owns 703 shares of the company's stock valued at $65,000 after acquiring an additional 172 shares during the period. 80.46% of the stock is owned by 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.

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