Credo Technology Group’s (CRDO) Buy Rating Reiterated at Stifel Nicolaus

Stifel Nicolaus restated their buy rating on shares of Credo Technology Group (NASDAQ:CRDO) in a research report report published on Tuesday morning,Benzinga reports. Stifel Nicolaus currently has a $75.00 target price on the stock, up from their previous target price of $50.00.

Other equities research analysts have also issued research reports about the stock. Mizuho boosted their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Barclays upped their price target on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday. Needham & Company LLC increased their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday. TD Cowen upped their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Roth Mkm lifted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $67.33.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $70.40 on Tuesday. The stock has a market cap of $11.69 billion, a P/E ratio of -469.33 and a beta of 2.26. The stock has a 50 day simple moving average of $41.99 and a two-hundred day simple moving average of $33.24. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $75.30.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The company had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative return on equity of 2.97% and a negative net margin of 9.70%. Sell-side analysts predict that Credo Technology Group will post -0.02 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 12,504 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the sale, the chief financial officer now directly owns 656,456 shares in the company, valued at $31,824,986.88. This trade represents a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the completion of the sale, the chief technology officer now directly owns 9,058,602 shares of the company’s stock, valued at approximately $255,633,748.44. The trade was a 0.60 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,193,441 shares of company stock worth $41,362,270. Insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CRDO. Assetmark Inc. increased its stake in Credo Technology Group by 5.4% during the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after purchasing an additional 257 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after buying an additional 400 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of Credo Technology Group by 11.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after acquiring an additional 478 shares during the period. CWM LLC raised its stake in Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares during the last quarter. Finally, US Bancorp DE lifted its position in Credo Technology Group by 4.2% during the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after acquiring an additional 649 shares during the period. Institutional investors own 80.46% of the company’s stock.

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.