Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $30.00 at Craig Hallum

Credo Technology Group (NASDAQ:CRDO) had its price objective hoisted by Craig Hallum from $28.00 to $30.00 in a research note released on Monday, Benzinga reports. Craig Hallum currently has a buy rating on the stock.

A number of other research analysts also recently weighed in on CRDO. Needham & Company LLC raised their price target on shares of Credo Technology Group from $24.00 to $26.00 and gave the company a buy rating in a report on Wednesday, February 28th. The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a buy rating in a report on Wednesday, February 28th. TD Cowen lifted their target price on shares of Credo Technology Group from $20.00 to $24.00 and gave the stock a market perform rating in a report on Wednesday, February 28th. Finally, Mizuho reiterated a buy rating and issued a $30.00 target price (up previously from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $24.25.

Credo Technology Group Trading Down 3.2 %

Credo Technology Group stock opened at $17.99 on Monday. The company has a market capitalization of $2.94 billion, a P/E ratio of -78.22 and a beta of 1.97. The firm’s fifty day simple moving average is $21.46 and its 200-day simple moving average is $19.18. Credo Technology Group has a 1-year low of $7.20 and a 1-year high of $23.90.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The business had revenue of $53.06 million for the quarter, compared to the consensus estimate of $51.91 million. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. Credo Technology Group’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.02 EPS. On average, equities research analysts predict that Credo Technology Group will post -0.12 earnings per share for the current year.

Insiders Place Their Bets

In other Credo Technology Group news, COO Yat Tung Lam sold 130,000 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $21.33, for a total value of $2,772,900.00. Following the sale, the chief operating officer now directly owns 2,270,000 shares in the company, valued at approximately $48,419,100. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Credo Technology Group news, COO Yat Tung Lam sold 130,000 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $21.33, for a total value of $2,772,900.00. Following the sale, the chief operating officer now directly owns 2,270,000 shares in the company, valued at approximately $48,419,100. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 60,000 shares of the firm’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $21.62, for a total transaction of $1,297,200.00. Following the completion of the sale, the chief technology officer now owns 10,648,602 shares in the company, valued at $230,222,775.24. The disclosure for this sale can be found here. Insiders have sold 1,816,218 shares of company stock worth $40,044,857 in the last ninety days. Insiders own 23.89% of the company’s stock.

Institutional Trading of Credo Technology Group

Several institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC boosted its position in shares of Credo Technology Group by 63.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 367,035 shares of the company’s stock valued at $7,777,000 after acquiring an additional 143,046 shares in the last quarter. Harbour Capital Advisors LLC boosted its position in shares of Credo Technology Group by 54.6% during the 1st quarter. Harbour Capital Advisors LLC now owns 22,875 shares of the company’s stock valued at $504,000 after acquiring an additional 8,075 shares in the last quarter. AMF Tjanstepension AB boosted its position in shares of Credo Technology Group by 31.8% during the 1st quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock valued at $36,302,000 after acquiring an additional 413,149 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in shares of Credo Technology Group during the 1st quarter valued at about $276,000. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of Credo Technology Group during the 1st quarter valued at about $97,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.