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

Credo Technology Group (NASDAQ:CRDO) had its target price boosted by analysts at Craig Hallum from $28.00 to $30.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Craig Hallum’s price target suggests a potential upside of 54.80% from the company’s current price.

A number of other equities research analysts also recently weighed in on CRDO. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Mizuho reissued a “buy” rating and set a $30.00 price target (up from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. TD Cowen boosted their price target on shares of Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 28th. Finally, The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.25.

Credo Technology Group Price Performance

CRDO opened at $19.38 on Monday. The company has a market cap of $3.16 billion, a price-to-earnings ratio of -84.26 and a beta of 1.97. The firm has a 50 day simple moving average of $21.53 and a 200 day simple moving average of $19.16. Credo Technology Group has a fifty-two week low of $7.20 and a fifty-two week high of $23.90.

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

Insider Activity

In other news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $22.12, for a total value of $221,200.00. Following the completion of the transaction, the chief operating officer now owns 3,153,738 shares in the company, valued at $69,760,684.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $22.03, for a total value of $327,872.49. Following the completion of the transaction, the general counsel now owns 218,249 shares in the company, valued at $4,808,025.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $22.12, for a total transaction of $221,200.00. Following the completion of the transaction, the chief operating officer now owns 3,153,738 shares of the company’s stock, valued at approximately $69,760,684.56. 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 quarter. 23.89% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada acquired a new position in Credo Technology Group during the first quarter worth $26,000. Ameritas Investment Partners Inc. acquired a new position in Credo Technology Group during the first quarter worth $26,000. Advisors Asset Management Inc. boosted its holdings in Credo Technology Group by 295.9% during the third quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock worth $28,000 after purchasing an additional 1,376 shares during the last quarter. KBC Group NV acquired a new position in Credo Technology Group during the fourth quarter worth $43,000. Finally, Altshuler Shaham Ltd acquired a new position in Credo Technology Group during the fourth quarter worth $40,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.