Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $240.00 at Bank of America

Credo Technology Group (NASDAQ:CRDO) had its price target hoisted by Bank of America from $165.00 to $240.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. initiated coverage on shares of Credo Technology Group in a report on Friday, October 17th. They set an “overweight” rating and a $165.00 target price for the company. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research report on Wednesday, October 8th. New Street Research set a $240.00 price objective on shares of Credo Technology Group in a research report on Tuesday. Needham & Company LLC increased their target price on shares of Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $206.85.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $188.44 on Tuesday. Credo Technology Group has a fifty-two week low of $29.09 and a fifty-two week high of $213.80. The firm has a market capitalization of $32.60 billion, a P/E ratio of 165.30 and a beta of 2.63. The stock has a 50-day simple moving average of $153.04 and a two-hundred day simple moving average of $121.64.

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

Insider Buying and Selling

In other news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $189.35, for a total value of $355,031.25. Following the sale, the director directly owned 5,893,909 shares of the company’s stock, valued at $1,116,011,669.15. The trade was a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William Joseph Brennan sold 18,016 shares of the business’s stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $171.23, for a total value of $3,084,879.68. Following the sale, the chief executive officer owned 319,907 shares of the company’s stock, valued at $54,777,675.61. The trade was a 5.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 973,161 shares of company stock worth $149,011,579 in the last quarter. 11.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Savant Capital LLC raised its position in shares of Credo Technology Group by 0.7% during the 3rd quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock worth $1,444,000 after acquiring an additional 68 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Credo Technology Group by 16.2% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after purchasing an additional 77 shares during the last quarter. Illinois Municipal Retirement Fund raised its holdings in Credo Technology Group by 0.6% during the third quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock worth $2,298,000 after purchasing an additional 91 shares in the last quarter. Versant Capital Management Inc raised its holdings in Credo Technology Group by 18.0% during the third quarter. Versant Capital Management Inc now owns 663 shares of the company’s stock worth $97,000 after purchasing an additional 101 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its position in shares of Credo Technology Group by 14.8% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock worth $125,000 after buying an additional 111 shares during the last quarter. 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.