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

Credo Technology Group (NASDAQ:CRDO)‘s stock had its “buy” rating reiterated by analysts at Stifel Nicolaus in a research report issued on Tuesday,Benzinga reports. They currently have a $75.00 price objective on the stock, up from their prior price objective of $50.00. Stifel Nicolaus’ target price would indicate a potential upside of 13.77% from the stock’s current price.

A number of other analysts have also weighed in on CRDO. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their target price for the stock from $27.00 to $80.00 in a research note on Tuesday. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Mizuho lifted their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Barclays increased their target price on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Roth Mkm lifted their price target on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a 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 has an average rating of “Buy” and a consensus price target of $59.44.

Credo Technology Group Price Performance

Shares of CRDO stock traded up $18.12 during trading on Tuesday, reaching $65.92. The company’s stock had a trading volume of 4,068,412 shares, compared to its average volume of 2,281,268. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $68.46. The stock’s 50-day moving average price is $39.60 and its 200 day moving average price is $32.37. The company has a market capitalization of $10.95 billion, a price-to-earnings ratio of -412.00 and a beta of 2.26.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The company 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 3.74% and a negative net margin of 12.05%. On average, sell-side analysts anticipate that Credo Technology Group will post -0.02 EPS for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $47.37, for a total value of $2,605,350.00. Following the transaction, the chief technology officer now owns 8,728,602 shares in the company, valued at $413,473,876.74. The trade was a 0.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $38.41, for a total value of $384,100.00. Following the completion of the transaction, the chief operating officer now owns 2,872,672 shares in the company, valued at $110,339,331.52. This trade represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,269,817 shares of company stock worth $41,789,636. Corporate insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

Several hedge funds have recently modified their holdings of CRDO. Assetmark Inc. boosted its position in shares of Credo Technology Group by 5.4% during the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after purchasing an additional 257 shares in the last quarter. Fifth Third Bancorp grew its position in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares during the period. Advisors Asset Management Inc. increased its holdings in Credo Technology Group by 11.3% in the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after buying an additional 478 shares in the last quarter. CWM LLC boosted its stake in shares of Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares in the last quarter. Finally, US Bancorp DE grew its holdings in shares of Credo Technology Group by 4.2% in the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after acquiring an additional 649 shares during the period. 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.