Credo Technology Group (NASDAQ:CRDO) Hits New 12-Month High After Analyst Upgrade

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price hit a new 52-week high on Thursday after TD Cowen raised their price target on the stock from $85.00 to $95.00. TD Cowen currently has a buy rating on the stock. Credo Technology Group traded as high as $86.84 and last traded at $85.59, with a volume of 9756607 shares traded. The stock had previously closed at $79.71.

A number of other analysts also recently weighed in on the stock. Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Stifel Nicolaus increased their price objective on shares of Credo Technology Group from $69.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Roth Capital set a $95.00 price objective on shares of Credo Technology Group and gave the company a “buy” rating in a research note on Friday, June 13th. Noble Financial raised shares of Credo Technology Group to a “strong-buy” rating in a research note on Tuesday, June 3rd. Finally, Needham & Company LLC increased their price objective 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, June 3rd. Twelve investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $81.00.

Insider Activity

In other news, Director Lip Bu Tan sold 171,473 shares of the firm’s stock in a transaction on Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the completion of the transaction, the director now owns 613,725 shares of the company’s stock, valued at approximately $47,809,177.50. This trade represents a 21.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s 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 transaction, the chief technology officer now directly owns 8,048,602 shares of the company’s stock, valued at $400,578,921.54. The trade was a 0.68% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 954,594 shares of company stock valued at $57,998,380. Insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently modified their holdings of CRDO. Empowered Funds LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $282,000. Allspring Global Investments Holdings LLC grew its holdings in Credo Technology Group by 72,952.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 79,627 shares of the company’s stock worth $5,367,000 after purchasing an additional 79,518 shares during the period. Rhumbline Advisers grew its holdings in Credo Technology Group by 11.7% in the fourth quarter. Rhumbline Advisers now owns 195,431 shares of the company’s stock worth $13,135,000 after purchasing an additional 20,537 shares during the period. Principal Securities Inc. grew its holdings in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares during the period. Finally, CIBC Asset Management Inc acquired a new stake in Credo Technology Group in the fourth quarter worth $339,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

The firm has a market capitalization of $14.53 billion, a price-to-earnings ratio of 317.00 and a beta of 2.42. The business’s fifty day simple moving average is $56.17 and its 200 day simple moving average is $59.97.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million during the quarter, compared to analysts’ expectations of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 9.15%. The business’s quarterly revenue was up 179.6% on a year-over-year basis. During the same period last year, the company posted $0.07 earnings per share. Equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

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.