TD Cowen Issues Positive Forecast for Credo Technology Group (NASDAQ:CRDO) Stock Price

Credo Technology Group (NASDAQ:CRDO) had its price objective upped by TD Cowen from $190.00 to $240.00 in a research note published on Tuesday morning, Marketbeat Ratings reports. They currently have a buy rating on the stock.

Other equities analysts have also issued research reports about the stock. New Street Research set a $240.00 target price on shares of Credo Technology Group in a report on Tuesday. Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. JPMorgan Chase & Co. assumed coverage on Credo Technology Group in a research note on Friday, October 17th. They set an “overweight” rating and a $165.00 price objective on the stock. Susquehanna upped their target price on Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research report on Wednesday, October 22nd. Finally, William Blair started coverage on Credo Technology Group in a research note on Thursday, September 18th. They issued an “outperform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $206.85.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $188.44 on Tuesday. The stock has a 50-day simple moving average of $153.04 and a 200-day simple moving average of $121.64. The stock has a market capitalization of $32.60 billion, a P/E ratio of 165.30 and a beta of 2.63. Credo Technology Group has a 1 year low of $29.09 and a 1 year high of $213.80.

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

Insider Activity at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 80,000 shares of the firm’s 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 trade 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 the SEC website. 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 sale, the chief technology officer owned 6,668,961 shares in the company, valued at $1,042,491,983.52. This represents a 0.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 973,161 shares of company stock valued at $149,011,579. 11.84% of the stock is currently owned by insiders.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Credo Technology Group by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 16,525,380 shares of the company’s stock valued at $2,406,261,000 after purchasing an additional 150,012 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Credo Technology Group by 18.3% in the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock valued at $1,121,118,000 after buying an additional 1,190,522 shares during the last quarter. Geode Capital Management LLC increased its holdings in Credo Technology Group by 4.7% in the second quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock valued at $334,740,000 after buying an additional 163,305 shares during the last quarter. Swedbank AB raised its stake in Credo Technology Group by 29.5% during the first quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock valued at $129,280,000 after buying an additional 733,811 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after buying an additional 1,218,504 shares during the last quarter. 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.