Credo Technology Group (NASDAQ:CRDO) Given New $30.00 Price Target at Craig Hallum

Credo Technology Group (NASDAQ:CRDO) had its price target increased by Craig Hallum from $28.00 to $30.00 in a research report sent to investors on Monday morning, Benzinga reports. Craig Hallum currently has a buy rating on the stock.

A number of other research firms also recently weighed in on CRDO. The Goldman Sachs Group lifted their price target on Credo Technology Group from $23.00 to $26.00 and gave the company a buy rating in a research note on Wednesday, February 28th. TD Cowen lifted their price target on Credo Technology Group from $20.00 to $24.00 and gave the company a market perform rating in a research note on Wednesday, February 28th. Mizuho restated a buy rating and issued a $30.00 price target (up from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. Finally, Needham & Company LLC lifted their price target on Credo Technology Group from $24.00 to $26.00 and gave the company a buy rating in a research note on Wednesday, February 28th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $24.25.

Credo Technology Group Trading Down 9.3 %

Shares of CRDO stock opened at $19.44 on Monday. The business’s 50 day moving average is $21.53 and its two-hundred day moving average is $19.16. Credo Technology Group has a twelve month low of $7.20 and a twelve month high of $23.90. The company has a market capitalization of $3.17 billion, a P/E ratio of -84.52 and a beta of 1.97.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The firm had revenue of $53.06 million for the quarter, compared to the consensus estimate of $51.91 million. During the same period in the previous year, the business earned $0.02 earnings per share. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, equities analysts predict that Credo Technology Group will post -0.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO William Joseph Brennan sold 15,000 shares of the business’s stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $19.31, for a total value of $289,650.00. Following the completion of the transaction, the chief executive officer now directly owns 3,202,500 shares of the company’s stock, valued at $61,840,275. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO William Joseph Brennan sold 15,000 shares of the business’s stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $19.31, for a total value of $289,650.00. Following the completion of the transaction, the chief executive officer now directly owns 3,202,500 shares of the company’s stock, valued at $61,840,275. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 270,980 shares of the business’s stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $19.14, for a total value of $5,186,557.20. Following the completion of the transaction, the chief operating officer now directly owns 2,320,000 shares of the company’s stock, valued at $44,404,800. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,087,198 shares of company stock valued at $45,233,664. 23.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently made changes to their positions in CRDO. Vanguard Group Inc. increased its stake in Credo Technology Group by 11.3% in the fourth quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock valued at $272,414,000 after purchasing an additional 1,420,664 shares during the last quarter. BlackRock Inc. increased its stake in Credo Technology Group by 255.4% in the third quarter. BlackRock Inc. now owns 12,750,435 shares of the company’s stock valued at $140,255,000 after purchasing an additional 9,162,371 shares during the last quarter. Capital Research Global Investors acquired a new position in Credo Technology Group in the first quarter valued at $125,306,000. JPMorgan Chase & Co. increased its stake in Credo Technology Group by 17.7% in the third quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after purchasing an additional 1,299,600 shares during the last quarter. Finally, State Street Corp increased its stake in Credo Technology Group by 60.4% in the first quarter. State Street Corp now owns 6,322,804 shares of the company’s stock valued at $59,561,000 after purchasing an additional 2,381,087 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

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.