Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $220.00 at Needham & Company LLC

Credo Technology Group (NASDAQ:CRDO) had its price target lifted by Needham & Company LLC from $190.00 to $220.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts also recently weighed in on the stock. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 4th. William Blair started coverage on shares of Credo Technology Group in a research report on Thursday, September 18th. They set an “outperform” rating on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a research report on Wednesday, October 8th. Roth Capital upped their price target on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Barclays increased their price objective on Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $206.85.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $188.44 on Tuesday. The firm has a market cap of $32.60 billion, a price-to-earnings ratio of 165.30 and a beta of 2.63. The stock has a 50-day simple moving average of $153.04 and a 200-day simple moving average of $121.64. Credo Technology Group has a 52-week low of $29.09 and a 52-week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. The firm had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a return on equity of 30.68% and a net margin of 26.63%.The firm’s revenue was up 272.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.07 earnings per share. As a group, equities research analysts predict that Credo Technology Group will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 80,000 shares of the stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $169.27, for a total transaction of $13,541,600.00. Following the completion of the sale, the chief operating officer owned 770,000 shares in the company, valued at $130,337,900. This represents a 9.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $156.32, for a total value of $8,597,600.00. Following the completion of the transaction, the chief technology officer directly owned 6,668,961 shares in the company, valued at approximately $1,042,491,983.52. This represents a 0.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 973,161 shares of company stock valued at $149,011,579 in the last quarter. Insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Atlantic Union Bankshares Corp acquired a new position in Credo Technology Group during the 3rd quarter valued at $25,000. First Horizon Corp bought a new position in shares of Credo Technology Group during the 3rd quarter worth about $26,000. Smartleaf Asset Management LLC raised its position in shares of Credo Technology Group by 133.6% during the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after buying an additional 147 shares during the last quarter. Park Place Capital Corp acquired a new position in shares of Credo Technology Group during the third quarter valued at about $41,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in shares of Credo Technology Group in the second quarter valued at about $27,000. Institutional investors own 80.46% of the company’s stock.

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.