Credo Technology Group (NASDAQ:CRDO – Get Free Report) was upgraded by equities research analysts at TD Cowen from a “hold” rating to a “buy” rating in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage presently has a $35.00 price objective on the stock, up from their prior price objective of $24.00. TD Cowen’s price objective points to a potential upside of 28.25% from the company’s current price.
A number of other research firms have also weighed in on CRDO. Barclays boosted their target price on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Mizuho reaffirmed a “buy” rating and set a $30.00 price target (up previously from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. The Goldman Sachs Group upped their price target on Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. Needham & Company LLC upped their price target on Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Finally, Craig Hallum upped their price target on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, April 15th. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $28.25.
Get Our Latest Research Report on CRDO
Credo Technology Group Stock Down 0.7 %
Shares of CRDO stock opened at $27.29 on Tuesday. Credo Technology Group has a 12-month low of $13.38 and a 12-month high of $29.89. The business has a 50-day moving average price of $21.65 and a two-hundred day moving average price of $21.03. The firm has a market cap of $4.46 billion, a P/E ratio of -151.61 and a beta of 2.20.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last released its earnings results on Wednesday, May 29th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.87%. The company had revenue of $60.78 million during the quarter, compared to the consensus estimate of $60.50 million. As a group, research analysts expect that Credo Technology Group will post 0.07 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $28.99, for a total value of $1,594,450.00. Following the sale, the chief technology officer now owns 9,553,602 shares in the company, valued at approximately $276,958,921.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, COO Yat Tung Lam sold 153,825 shares of the company’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $22.58, for a total value of $3,473,368.50. Following the sale, the chief operating officer now owns 798,527 shares in the company, valued at approximately $18,030,739.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $28.99, for a total value of $1,594,450.00. Following the completion of the sale, the chief technology officer now owns 9,553,602 shares in the company, valued at approximately $276,958,921.98. The disclosure for this sale can be found here. In the last quarter, insiders have sold 713,193 shares of company stock worth $15,314,176. Company insiders own 23.89% of the company’s stock.
Institutional Trading of Credo Technology Group
Several institutional investors have recently added to or reduced their stakes in the business. Castleark Management LLC purchased a new stake in Credo Technology Group during the 1st quarter valued at $3,876,000. California State Teachers Retirement System boosted its stake in Credo Technology Group by 7.7% during the 1st quarter. California State Teachers Retirement System now owns 128,795 shares of the company’s stock valued at $2,729,000 after purchasing an additional 9,218 shares during the last quarter. Public Employees Retirement Association of Colorado purchased a new stake in Credo Technology Group during the 1st quarter valued at $352,000. Price T Rowe Associates Inc. MD boosted its stake in Credo Technology Group by 10.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock valued at $1,484,000 after purchasing an additional 6,813 shares during the last quarter. Finally, Magnetar Financial LLC bought a new position in shares of Credo Technology Group during the 1st quarter valued at $278,000. 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.
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