Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $240.00

Credo Technology Group (NASDAQ:CRDO) had its price objective raised by TD Cowen from $190.00 to $240.00 in a report issued on Tuesday, MarketBeat.com reports. The firm currently has a buy rating on the stock.

Several other research analysts have also recently weighed in on CRDO. Barclays boosted their price objective on Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a research report on Tuesday. Needham & Company LLC lifted their target price on Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. began coverage on shares of Credo Technology Group in a research report on Friday, October 17th. They set an “overweight” rating and a $165.00 price target for the company. Wall Street Zen raised shares of Credo Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a research note on Wednesday, October 8th. One 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 stock. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and an average target price of $206.85.

Credo Technology Group Price Performance

CRDO opened at $180.92 on Tuesday. Credo Technology Group has a fifty-two week low of $29.09 and a fifty-two week high of $213.80. The company’s 50-day moving average is $154.55 and its 200 day moving average is $122.52. The firm has a market capitalization of $32.68 billion, a P/E ratio of 158.70 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. During the same quarter last year, the business posted $0.07 EPS. The company’s revenue for the quarter was up 272.1% on a year-over-year basis. On average, equities research analysts expect that Credo Technology Group will post 0.13 earnings per share for the current year.

Insider Activity

In other Credo Technology Group news, COO Yat Tung Lam sold 80,000 shares of Credo Technology Group stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $143.53, for a total transaction of $11,482,400.00. Following the completion of the transaction, the chief operating officer owned 920,000 shares of the company’s stock, valued at $132,047,600. The trade was a 8.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel W. Fleming sold 112,580 shares of the company’s stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total value of $15,558,556.00. Following the sale, the chief financial officer owned 458,678 shares in the company, valued at approximately $63,389,299.60. This represents a 19.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 959,371 shares of company stock worth $147,090,265. 11.84% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the business. Swiss Life Asset Management Ltd boosted its position in shares of Credo Technology Group by 75.9% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 7,014 shares of the company’s stock valued at $1,021,000 after acquiring an additional 3,027 shares during the last quarter. CIBC Private Wealth Group LLC lifted its position in Credo Technology Group by 14.8% during the third quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock valued at $125,000 after purchasing an additional 111 shares during the last quarter. CIBC Bancorp USA Inc. bought a new stake in Credo Technology Group during the third quarter valued at approximately $2,301,000. WBI Investments LLC purchased a new position in Credo Technology Group in the 3rd quarter worth approximately $451,000. Finally, Coldstream Capital Management Inc. bought a new position in shares of Credo Technology Group in the 3rd quarter worth $303,000. Hedge funds and other 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.