Credo Technology Group (NASDAQ:CRDO) Given New $90.00 Price Target at Susquehanna

Credo Technology Group (NASDAQ:CRDO) had its target price boosted by Susquehanna from $60.00 to $90.00 in a report issued on Tuesday,Benzinga reports. They currently have a positive rating on the stock.

A number of other research firms have also commented on CRDO. Bank of America decreased their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Mizuho decreased their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, April 3rd. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday. Barclays lifted their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Stifel Nicolaus decreased their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Ten 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 a consensus price target of $78.60.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $71.92 on Tuesday. The company has a 50 day moving average price of $48.23 and a 200 day moving average price of $57.80. Credo Technology Group has a 52 week low of $22.50 and a 52 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 posted its quarterly earnings data on Monday, June 2nd. The company reported $0.35 EPS 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 during the quarter, compared to analyst estimates of $159.59 million. During the same quarter last year, the business posted $0.07 EPS. The company’s revenue was up 179.6% on a year-over-year basis. Equities analysts forecast that Credo Technology Group will post 0.13 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction on Friday, April 11th. The shares were sold at an average price of $40.75, for a total value of $154,442.50. Following the completion of the sale, the chief financial officer now owns 608,602 shares of the company’s stock, valued at approximately $24,800,531.50. The trade was a 0.62% decrease in their position. 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 Credo Technology Group stock in a transaction on Monday, March 24th. The shares were sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the completion of the sale, the chief technology officer now directly owns 8,048,602 shares of the company’s stock, valued at approximately $400,578,921.54. The trade was a 0.68% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 473,665 shares of company stock valued at $19,795,531. Insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the business. Larson Financial Group LLC raised its holdings in Credo Technology Group by 21.5% in the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company’s stock worth $56,000 after acquiring an additional 245 shares during the period. Operose Advisors LLC raised its holdings in Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after acquiring an additional 252 shares during the period. CIBC Private Wealth Group LLC raised its holdings in Credo Technology Group by 51.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock worth $75,000 after acquiring an additional 348 shares during the period. Amalgamated Bank raised its holdings in Credo Technology Group by 9.4% in the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after acquiring an additional 411 shares during the period. Finally, Arizona State Retirement System raised its holdings in Credo Technology Group by 1.2% in the 4th quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock worth $2,751,000 after acquiring an additional 501 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.