Credo Technology Group (NASDAQ:CRDO) Given New $85.00 Price Target at TD Cowen

Credo Technology Group (NASDAQ:CRDO) had its price objective lifted by TD Cowen from $50.00 to $85.00 in a report published on Tuesday morning, Marketbeat.com reports. The brokerage currently has a buy rating on the stock.

Other analysts have also issued reports about the stock. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Needham & Company LLC upped their target price 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. Mizuho dropped their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research note on Thursday, April 3rd. Bank of America dropped their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Finally, Barclays dropped their price target on shares of Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, Credo Technology Group currently has a consensus rating of “Buy” and an average target price of $78.60.

Credo Technology Group Stock Performance

CRDO stock opened at $71.92 on Tuesday. The company’s 50 day moving average price is $48.23 and its 200 day moving average price is $57.80. Credo Technology Group has a fifty-two week low of $22.50 and a fifty-two week high of $86.69. The firm has a market capitalization of $12.21 billion, a price-to-earnings ratio of -479.47 and a beta of 2.29.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The firm had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. During the same period in the prior year, the firm earned $0.07 earnings per share. The business’s quarterly revenue was up 179.6% compared to the same quarter last year. Equities analysts forecast that Credo Technology Group will post 0.13 EPS for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $32.96, for a total transaction of $1,812,800.00. Following the transaction, the chief technology officer now directly owns 7,938,602 shares in the company, valued at approximately $261,656,321.92. This trade represents a 0.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $43.08, for a total transaction of $430,800.00. Following the transaction, the chief operating officer now owns 2,792,447 shares in the company, valued at approximately $120,298,616.76. This trade represents a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 473,665 shares of company stock worth $19,795,531. Insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently modified their holdings of CRDO. Operose Advisors LLC lifted its holdings in shares of Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $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. acquired a new stake in shares of Credo Technology Group during the first quarter worth $27,000. Harbour Investments Inc. acquired a new stake in shares of Credo Technology Group during the first quarter worth $29,000. Finally, Virtus Advisers LLC acquired a new stake in shares of Credo Technology Group during the first quarter worth $31,000. 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 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.