TD Cowen Raises Credo Technology Group (NASDAQ:CRDO) Price Target to $85.00

Credo Technology Group (NASDAQ:CRDO - Free Report) had its target price lifted by TD Cowen from $50.00 to $85.00 in a research note issued to investors on Tuesday morning, Marketbeat.com reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also recently commented on CRDO. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Bank of America reduced their target price on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Stifel Nicolaus lowered their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Mizuho reduced 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 report on Thursday, April 3rd. Finally, Needham & Company LLC raised 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 note on Tuesday. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $78.60.

Credo Technology Group Price Performance

NASDAQ:CRDO traded up $4.54 during midday trading on Tuesday, reaching $76.46. The stock had a trading volume of 11,004,395 shares, compared to its average volume of 3,814,664. The stock has a market capitalization of $12.98 billion, a P/E ratio of -509.73 and a beta of 2.29. Credo Technology Group has a 1-year low of $22.50 and a 1-year high of $86.69. The firm's fifty day simple moving average is $48.95 and its 200-day simple moving average is $57.93.

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, beating the consensus estimate of $0.27 by $0.08. The firm had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The business's quarterly revenue was up 179.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.07 EPS. On average, equities research analysts anticipate that Credo Technology Group will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other news, Director Pantas Sutardja sold 1,875 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $46.01, for a total value of $86,268.75. Following the completion of the transaction, the director now owns 5,900,527 shares of the company's stock, valued at $271,483,247.27. The trade was a 0.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $49.77, for a total value of $2,737,350.00. Following the sale, the chief technology officer now directly owns 8,048,602 shares in the company, valued at $400,578,921.54. The trade was a 0.68% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 473,665 shares of company stock worth $19,795,531. Company insiders own 16.04% of the company's stock.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently modified their holdings of CRDO. Operose Advisors LLC grew its position in shares of Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after purchasing an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Credo Technology Group during the first quarter worth $25,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Credo Technology Group in the 1st quarter valued at $27,000. Harbour Investments Inc. acquired a new position in Credo Technology Group in the 1st quarter worth $29,000. Finally, Virtus Advisers LLC bought a new position in Credo Technology Group during the 1st quarter worth about $31,000. Institutional investors and hedge funds own 80.46% of the company's stock.

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.