Credo Technology Group (NASDAQ:CRDO) Given New $30.00 Price Target at Craig Hallum

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

Several other equities analysts have also issued reports on CRDO. The Goldman Sachs Group lifted their target price on Credo Technology Group from $23.00 to $26.00 and gave the company a buy rating in a research note on Wednesday, February 28th. TD Cowen raised their price target on Credo Technology Group from $20.00 to $24.00 and gave the stock a market perform rating in a report on Wednesday, February 28th. Mizuho reissued a buy rating and issued a $30.00 price target (up previously from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. Finally, Needham & Company LLC raised their price target on Credo Technology Group from $24.00 to $26.00 and gave the stock a buy rating in a report on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $24.25.

Credo Technology Group Trading Down 9.3 %

Shares of Credo Technology Group stock opened at $19.44 on Monday. The firm has a market cap of $3.17 billion, a P/E ratio of -84.52 and a beta of 1.97. Credo Technology Group has a 12 month low of $7.20 and a 12 month high of $23.90. The stock’s fifty day moving average price is $21.53 and its 200-day moving average price is $19.16.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The company had revenue of $53.06 million for the quarter, compared to analyst estimates of $51.91 million. During the same quarter in the previous year, the firm earned $0.02 earnings per share. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. Analysts forecast that Credo Technology Group will post -0.12 earnings per share for the current year.

Insider Activity

In other news, COO Yat Tung Lam sold 315,601 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $22.93, for a total value of $7,236,730.93. Following the completion of the sale, the chief operating officer now directly owns 1,440,000 shares in the company, valued at $33,019,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $22.13, for a total transaction of $1,217,150.00. Following the completion of the sale, the chief technology officer now directly owns 9,883,602 shares in the company, valued at $218,724,112.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 315,601 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $22.93, for a total value of $7,236,730.93. Following the sale, the chief operating officer now owns 1,440,000 shares of the company’s stock, valued at $33,019,200. The disclosure for this sale can be found here. Insiders sold 2,087,198 shares of company stock worth $45,233,664 over the last three months. 23.89% of the stock is currently owned by corporate insiders.

Institutional Trading of Credo Technology Group

Several large investors have recently made changes to their positions in the company. Counterpoint Mutual Funds LLC purchased a new stake in shares of Credo Technology Group during the first quarter worth approximately $276,000. Banque Cantonale Vaudoise acquired a new position in Credo Technology Group during the first quarter worth $97,000. Vanguard Group Inc. boosted its stake in Credo Technology Group by 11.3% during the fourth quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock worth $272,414,000 after buying an additional 1,420,664 shares during the last quarter. Wellington Management Group LLP acquired a new position in Credo Technology Group during the fourth quarter worth $35,224,000. Finally, American International Group Inc. boosted its stake in Credo Technology Group by 17.1% during the fourth quarter. American International Group Inc. now owns 57,044 shares of the company’s stock worth $1,111,000 after buying an additional 8,323 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

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.