Craig Hallum Forecasts Strong Price Appreciation for Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group (NASDAQ:CRDO) had its target price boosted by research analysts at Craig Hallum from $38.00 to $75.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Craig Hallum’s price objective points to a potential upside of 6.25% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on the company. The Goldman Sachs Group increased their price target on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Barclays upped their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $27.00 to $80.00 in a report on Tuesday. Mizuho boosted their price objective on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, Credo Technology Group has a consensus rating of “Buy” and an average price target of $63.56.

Credo Technology Group Price Performance

Shares of CRDO stock traded up $22.79 on Tuesday, hitting $70.59. The company’s stock had a trading volume of 10,899,651 shares, compared to its average volume of 2,320,208. The stock has a market capitalization of $11.72 billion, a price-to-earnings ratio of -441.19 and a beta of 2.26. The firm’s fifty day moving average price is $39.60 and its 200-day moving average price is $32.37. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $71.20.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. Analysts predict that Credo Technology Group will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other news, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the sale, the chief executive officer now owns 2,529,738 shares in the company, valued at $65,140,753.50. The trade was a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,728,602 shares in the company, valued at $413,473,876.74. This trade represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,269,817 shares of company stock valued at $41,789,636 over the last quarter. 16.04% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CRDO. Assetmark Inc. grew its holdings in shares of Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after buying an additional 257 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after acquiring an additional 400 shares during the period. Advisors Asset Management Inc. boosted its stake in Credo Technology Group by 11.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after purchasing an additional 478 shares during the period. CWM LLC raised its holdings in shares of Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after buying an additional 594 shares during the last quarter. Finally, US Bancorp DE boosted its stake in shares of Credo Technology Group by 4.2% during the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after buying an additional 649 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

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.