Credo Technology Group (NASDAQ:CRDO) Stock Price Expected to Rise, TD Cowen Analyst Says

Credo Technology Group (NASDAQ:CRDO) had its price target boosted by TD Cowen from $190.00 to $240.00 in a research report issued on Tuesday, MarketBeat Ratings reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price objective indicates a potential upside of 26.86% from the company’s current price.

A number of other analysts have also issued reports on CRDO. Needham & Company LLC boosted their price target on Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday. Roth Capital lifted their target price on Credo Technology Group from $170.00 to $250.00 and gave the company a “buy” rating in a research report on Tuesday. Wall Street Zen raised Credo Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Mizuho raised their price target on Credo Technology Group from $135.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, September 4th. Finally, New Street Research set a $240.00 price objective on shares of Credo Technology Group in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $206.85.

Credo Technology Group Trading Up 0.4%

NASDAQ CRDO opened at $189.19 on Tuesday. The stock has a market cap of $32.73 billion, a PE ratio of 165.96 and a beta of 2.63. Credo Technology Group has a 12 month low of $29.09 and a 12 month high of $213.80. The company’s 50-day moving average price is $153.83 and its 200-day moving average price is $122.11.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The company had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 30.68%. The firm’s revenue for the quarter was up 272.1% on a year-over-year basis. During the same quarter last year, the business posted $0.07 EPS. As a group, sell-side analysts forecast that Credo Technology Group will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $163.98, for a total value of $9,018,900.00. Following the completion of the transaction, the chief technology officer directly owned 6,998,961 shares in the company, valued at approximately $1,147,689,624.78. The trade was a 0.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Daniel W. Fleming sold 112,580 shares of the stock in a transaction dated 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 sale, the chief financial officer directly owned 458,678 shares of the company’s stock, valued at approximately $63,389,299.60. The trade was a 19.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 973,161 shares of company stock worth $149,011,579 over the last quarter. Insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently bought and sold shares of CRDO. Vanguard Group Inc. grew its holdings in Credo Technology Group by 0.9% in the third quarter. Vanguard Group Inc. now owns 16,525,380 shares of the company’s stock worth $2,406,261,000 after purchasing an additional 150,012 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Credo Technology Group by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after purchasing an additional 1,190,522 shares in the last quarter. Geode Capital Management LLC grew its stake in Credo Technology Group by 4.7% during the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock worth $334,740,000 after buying an additional 163,305 shares during the last quarter. Swedbank AB grew its stake in shares of Credo Technology Group by 29.5% during the first quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock worth $129,280,000 after acquiring an additional 733,811 shares during the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after acquiring an additional 1,218,504 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.