Credo Technology Group (NASDAQ:CRDO) Earns “Buy” Rating from Stifel Nicolaus

Stifel Nicolaus reissued their buy rating on shares of Credo Technology Group (NASDAQ:CRDO) in a research note published on Tuesday,Benzinga reports. They currently have a $75.00 price target on the stock, up from their previous price target of $50.00.

CRDO has been the subject of several other research reports. Needham & Company LLC raised their target price on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday. TD Cowen increased their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday. The Goldman Sachs Group boosted their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their target price for the company from $27.00 to $80.00 in a report on Tuesday. Finally, Roth Mkm raised their price target on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Nine 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 an average price target of $67.33.

Credo Technology Group Stock Up 2.0 %

Shares of Credo Technology Group stock opened at $70.40 on Tuesday. The firm has a market cap of $11.69 billion, a PE ratio of -469.33 and a beta of 2.26. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $75.30. The business has a 50-day moving average price of $41.99 and a 200 day moving average price of $33.24.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative return on equity of 2.97% and a negative net margin of 9.70%. On average, sell-side analysts expect that Credo Technology Group will post -0.02 EPS for the current year.

Insiders Place Their Bets

In other Credo Technology Group news, CFO Daniel W. Fleming sold 108,790 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $31.10, for a total value of $3,383,369.00. Following the sale, the chief financial officer now directly owns 676,386 shares in the company, valued at $21,035,604.60. This trade represents a 13.86 % decrease in their ownership of the stock. The transaction 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 company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $28.22, for a total value of $1,552,100.00. Following the transaction, the chief technology officer now directly owns 9,058,602 shares of the company’s stock, valued at approximately $255,633,748.44. This represents a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,193,441 shares of company stock worth $41,362,270 in the last quarter. 16.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. lifted its position in shares of Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after buying an additional 1,660,230 shares during the last quarter. Driehaus Capital Management LLC lifted its position in Credo Technology Group by 3.1% in the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock valued at $121,097,000 after acquiring an additional 115,271 shares during the last quarter. Swedbank AB boosted its stake in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after acquiring an additional 2,961,454 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Credo Technology Group by 5.7% during the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after purchasing an additional 170,412 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

About Credo Technology Group

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.