Mizuho Boosts Credo Technology Group (NASDAQ:CRDO) Price Target to $41.00

Credo Technology Group (NASDAQ:CRDO) had its price target boosted by Mizuho from $35.00 to $41.00 in a research report report published on Monday, Benzinga reports. They currently have an outperform rating on the stock.

CRDO has been the topic of several other reports. The Goldman Sachs Group upped their price objective on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Barclays boosted their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Craig Hallum raised their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Finally, Needham & Company LLC boosted their price target on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $35.44.

Credo Technology Group Stock Up 1.7 %

NASDAQ:CRDO opened at $36.99 on Monday. The company has a market capitalization of $6.11 billion, a PE ratio of -205.50 and a beta of 2.24. Credo Technology Group has a 52-week low of $13.38 and a 52-week high of $40.37. The stock has a fifty day simple moving average of $31.26 and a 200-day simple moving average of $26.78.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $59.71 million for 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%. As a group, equities analysts anticipate that Credo Technology Group will post -0.02 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the completion of the sale, the director now directly owns 2,638,725 shares in the company, valued at $80,481,112.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $38.41, for a total value of $2,112,550.00. Following the transaction, the chief technology officer now owns 8,893,602 shares of the company’s stock, valued at approximately $341,603,252.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the sale, the director now directly owns 2,638,725 shares of the company’s stock, valued at approximately $80,481,112.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,444,817 shares of company stock worth $45,366,886 in the last ninety days. Insiders own 23.89% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. AMF Tjanstepension AB raised its holdings in shares of Credo Technology Group by 31.8% during the 1st quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock valued at $36,302,000 after buying an additional 413,149 shares during the period. Thornburg Investment Management Inc. boosted its stake in Credo Technology Group by 37.1% during the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock valued at $5,029,000 after acquiring an additional 64,177 shares during the last quarter. Capstone Investment Advisors LLC acquired a new position in Credo Technology Group during the 1st quarter worth $2,732,000. Carnegie Investment Counsel raised its stake in shares of Credo Technology Group by 7.3% in the 3rd quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock valued at $9,610,000 after purchasing an additional 21,350 shares in the last quarter. Finally, Swiss National Bank lifted its position in shares of Credo Technology Group by 14.7% during the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after purchasing an additional 32,600 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.