Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $98.00

Credo Technology Group (NASDAQ:CRDO) had its price target hoisted by Mizuho from $81.00 to $98.00 in a report published on Thursday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other research analysts have also commented on CRDO. Cowen restated a “buy” rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the stock an “overweight” rating in a report on Tuesday, June 3rd. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $69.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, June 3rd. Bank of America decreased their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Finally, Susquehanna restated a “positive” rating and issued a $90.00 price objective (up from $60.00) on shares of Credo Technology Group in a report on Tuesday, June 3rd. Twelve investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and an average target price of $82.45.

Credo Technology Group Stock Up 4.3%

NASDAQ:CRDO opened at $93.18 on Thursday. The company has a fifty day moving average of $68.57 and a 200 day moving average of $61.71. Credo Technology Group has a 52 week low of $22.50 and a 52 week high of $95.71. The firm has a market capitalization of $15.99 billion, a P/E ratio of 345.09, a P/E/G ratio of 1.68 and a beta of 2.57.

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

Insider Activity

In related news, CTO Chi Fung Cheng sold 59,641 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the sale, the chief technology officer directly owned 7,603,961 shares of the company’s stock, valued at approximately $569,992,916.56. This represents a 0.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 171,473 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the sale, the director directly owned 613,725 shares in the company, valued at $47,809,177.50. This trade represents a 21.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,086,139 shares of company stock valued at $75,820,113. 16.04% of the stock is owned by company insiders.

Institutional Trading of Credo Technology Group

Several institutional investors have recently bought and sold shares of CRDO. Norges Bank purchased a new stake in Credo Technology Group during the 4th quarter valued at about $117,242,000. Nuveen LLC purchased a new stake in Credo Technology Group during the 1st quarter valued at about $52,636,000. Alliancebernstein L.P. grew its position in Credo Technology Group by 299.9% during the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after purchasing an additional 1,305,594 shares during the last quarter. Polar Capital Holdings Plc boosted its holdings in shares of Credo Technology Group by 382.1% during the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock valued at $97,527,000 after acquiring an additional 1,150,084 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Credo Technology Group by 441.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock valued at $65,594,000 after acquiring an additional 795,751 shares during 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.