Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $130.00 at Stifel Nicolaus

Credo Technology Group (NASDAQ:CRDO) had its price objective lifted by Stifel Nicolaus from $115.00 to $130.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts also recently issued reports on the company. Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Roth Capital set a $95.00 target price on Credo Technology Group and gave the company a “buy” rating in a research report on Friday, June 13th. Susquehanna upped their target price on Credo Technology Group from $90.00 to $115.00 and gave the company a “positive” rating in a research report on Tuesday, July 22nd. TD Cowen upped their target price on Credo Technology Group from $85.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, June 18th. Finally, Wall Street Zen downgraded Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Sunday, August 24th. One analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and an average price target of $92.64.

Credo Technology Group Trading Up 1.0%

Shares of CRDO stock opened at $124.27 on Tuesday. The business’s fifty day simple moving average is $107.01 and its 200-day simple moving average is $72.62. The company has a market cap of $21.49 billion, a PE ratio of 460.26, a PEG ratio of 2.21 and a beta of 2.59. Credo Technology Group has a 12-month low of $24.08 and a 12-month high of $134.35.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%.The business’s quarterly revenue was up 179.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.07 earnings per share. On average, equities analysts forecast that Credo Technology Group will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 46,444 shares of the company’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $106.87, for a total value of $4,963,470.28. Following the sale, the chief executive officer directly owned 393,338 shares of the company’s stock, valued at approximately $42,036,032.06. This represents a 10.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the company’s stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $97.29, for a total transaction of $368,729.10. Following the completion of the sale, the chief financial officer directly owned 582,428 shares in the company, valued at approximately $56,664,420.12. The trade was a 0.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,274,583 shares of company stock valued at $113,118,257 in the last three months. Company insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently modified their holdings of the company. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in shares of Credo Technology Group during the 2nd quarter worth about $27,000. Wolff Wiese Magana LLC boosted its stake in shares of Credo Technology Group by 200.0% during the 2nd quarter. Wolff Wiese Magana LLC now owns 450 shares of the company’s stock worth $42,000 after acquiring an additional 300 shares in the last quarter. Cullen Frost Bankers Inc. boosted its stake in shares of Credo Technology Group by 278.4% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company’s stock worth $44,000 after acquiring an additional 348 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after acquiring an additional 333 shares in the last quarter. Finally, Operose Advisors LLC boosted its stake in shares of Credo Technology Group by 69.2% during the 1st quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after acquiring an additional 252 shares in the last quarter. 80.46% of the stock is 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.