Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $36.00 at Stifel Nicolaus

Credo Technology Group (NASDAQ:CRDO) had its target price raised by Stifel Nicolaus from $30.00 to $36.00 in a research report released on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also issued reports on the company. TD Cowen boosted their target price on Credo Technology Group from $35.00 to $40.00 and gave the stock a buy rating in a research report on Monday, July 15th. Bank of America restated an underperform rating and set a $22.00 target price (up from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. Needham & Company LLC boosted their target price on Credo Technology Group from $26.00 to $29.00 and gave the stock a buy rating in a research report on Thursday, May 30th. Craig Hallum boosted their target price on Credo Technology Group from $28.00 to $30.00 and gave the stock a buy rating in a research report on Monday, April 15th. Finally, Barclays boosted their target price on Credo Technology Group from $23.00 to $30.00 and gave the stock an overweight rating in a research report on Thursday, May 30th. One analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of Moderate Buy and an average target price of $30.38.

Credo Technology Group Trading Down 0.2 %

Shares of NASDAQ:CRDO opened at $29.50 on Thursday. The stock has a market capitalization of $4.87 billion, a P/E ratio of -163.89 and a beta of 2.24. Credo Technology Group has a 1-year low of $13.38 and a 1-year high of $33.96. The business has a 50-day moving average price of $26.76 and a two-hundred day moving average price of $22.61.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Wednesday, May 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). The firm had revenue of $60.78 million for the quarter, compared to the consensus estimate of $60.50 million. Credo Technology Group had a negative return on equity of 4.51% and a negative net margin of 14.70%. As a group, equities analysts predict that Credo Technology Group will post 0.07 EPS 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 that occurred on Thursday, July 11th. The stock was sold at an average price of $30.63, for a total value of $1,684,650.00. Following the sale, the chief technology officer now owns 9,388,602 shares in the company, valued at approximately $287,572,879.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $30.63, for a total value of $1,684,650.00. Following the sale, the chief technology officer now owns 9,388,602 shares in the company, valued at approximately $287,572,879.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $17.15, for a total value of $257,250.00. Following the completion of the sale, the chief executive officer now owns 2,962,500 shares in the company, valued at approximately $50,806,875. The disclosure for this sale can be found here. In the last quarter, insiders have sold 881,678 shares of company stock worth $24,491,344. Corporate insiders own 23.89% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. CWM LLC raised its stake in shares of Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after purchasing an additional 594 shares in the last quarter. Advisors Asset Management Inc. raised its stake in shares of Credo Technology Group by 47.6% during the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock worth $81,000 after purchasing an additional 1,229 shares in the last quarter. Assetmark Inc. raised its stake in shares of Credo Technology Group by 30.1% during the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock worth $106,000 after purchasing an additional 1,263 shares in the last quarter. Ulland Investment Advisors LLC bought a new stake in shares of Credo Technology Group during the 1st quarter worth approximately $29,000. Finally, Amalgamated Bank raised its stake in shares of Credo Technology Group by 9.7% during the 4th quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock worth $320,000 after purchasing an additional 1,454 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

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.