Bank of America Forecasts Strong Price Appreciation for Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group (NASDAQ:CRDO) had its price target hoisted by investment analysts at Bank of America from $165.00 to $240.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 26.86% from the company’s current price.

Other analysts have also issued research reports about the company. Needham & Company LLC upped their target price on Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday. Stifel Nicolaus set a $160.00 price target on Credo Technology Group in a research report on Wednesday, October 1st. New Street Research set a $240.00 price objective on Credo Technology Group in a research report on Tuesday. Barclays boosted their target price on shares of Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Susquehanna raised their price target on shares of Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a report on Wednesday, October 22nd. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $206.85.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $189.19 on Tuesday. The stock has a market cap of $32.73 billion, a price-to-earnings ratio of 165.96 and a beta of 2.63. The firm’s 50-day moving average is $153.83 and its two-hundred day moving average is $122.11. Credo Technology Group has a 1 year low of $29.09 and a 1 year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results 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 30.68%. The business had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. During the same quarter in the previous year, the business posted $0.07 EPS. The company’s quarterly revenue was up 272.1% compared to the same quarter last year. On average, equities 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 the business’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $143.53, for a total transaction of $11,482,400.00. Following the sale, the chief operating officer owned 920,000 shares of the company’s stock, valued at approximately $132,047,600. The trade was a 8.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel W. Fleming sold 112,580 shares of the company’s stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total transaction of $15,558,556.00. Following the transaction, the chief financial officer owned 458,678 shares in the company, valued at $63,389,299.60. The trade was a 19.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 973,161 shares of company stock worth $149,011,579 over the last 90 days. 11.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in CRDO. Thompson Davis & CO. Inc. purchased a new stake in Credo Technology Group during the 2nd quarter valued at about $382,000. Realta Investment Advisors purchased a new position in Credo Technology Group in the 2nd quarter worth approximately $300,000. Ethic Inc. boosted its holdings in shares of Credo Technology Group by 35.5% during the 2nd quarter. Ethic Inc. now owns 7,142 shares of the company’s stock worth $668,000 after purchasing an additional 1,873 shares during the last quarter. Convergence Investment Partners LLC purchased a new stake in shares of Credo Technology Group in the second quarter valued at approximately $2,577,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of Credo Technology Group by 850.6% in the second quarter. Farther Finance Advisors LLC now owns 4,135 shares of the company’s stock valued at $383,000 after purchasing an additional 3,700 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.