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

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

CRDO has been the topic of several other reports. Mizuho restated a buy rating and set a $30.00 target price (up from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. TD Cowen upped their price objective on shares of Credo Technology Group from $20.00 to $24.00 and gave the company a market perform rating in a report on Wednesday, February 28th. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $24.00 to $26.00 and gave the stock a buy rating in a research note on Wednesday, February 28th. Finally, The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $23.00 to $26.00 and gave the company a buy rating in a research note on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $24.25.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $18.59 on Monday. The company has a market capitalization of $3.04 billion, a PE ratio of -80.83 and a beta of 1.97. The company has a 50-day simple moving average of $21.46 and a two-hundred day simple moving average of $19.18. Credo Technology Group has a one year low of $7.20 and a one year high of $23.90.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.03 by $0.01. The firm had revenue of $53.06 million during the quarter, compared to analyst estimates 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 was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.02 EPS. On average, equities analysts predict that Credo Technology Group will post -0.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $22.12, for a total value of $221,200.00. Following the sale, the chief operating officer now directly owns 3,153,738 shares of the company’s stock, valued at approximately $69,760,684.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $22.12, for a total value of $221,200.00. Following the completion of the transaction, the chief operating officer now owns 3,153,738 shares of the company’s stock, valued at approximately $69,760,684.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $22.13, for a total value of $1,217,150.00. Following the sale, the chief technology officer now directly owns 9,883,602 shares in the company, valued at $218,724,112.26. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,801,218 shares of company stock valued at $39,757,457. 23.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors have recently made changes to their positions in the company. Royal Bank of Canada acquired a new stake in Credo Technology Group during the first quarter valued at $26,000. Ameritas Investment Partners Inc. acquired a new stake in shares of Credo Technology Group during the 1st quarter valued at about $26,000. Advisors Asset Management Inc. increased its stake in shares of Credo Technology Group by 295.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock valued at $28,000 after purchasing an additional 1,376 shares in the last quarter. KBC Group NV purchased a new position in Credo Technology Group during the fourth quarter worth approximately $43,000. Finally, Altshuler Shaham Ltd purchased a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $40,000. 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 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.