TD Cowen Raises Credo Technology Group (NASDAQ:CRDO) Price Target to $75.00

Credo Technology Group (NASDAQ:CRDO) had its price target increased by equities research analysts at TD Cowen from $45.00 to $75.00 in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price target would suggest a potential upside of 56.90% from the company’s current price.

Several other research analysts also recently commented on CRDO. Mizuho increased their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Barclays raised their price target on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Stifel Nicolaus upped their price objective on Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and set a $80.00 target price for the company in a report on Tuesday. Finally, Roth Mkm upped their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $50.44.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $47.80 on Tuesday. The stock has a fifty day simple moving average of $39.60 and a two-hundred day simple moving average of $32.37. Credo Technology Group has a 52-week low of $16.82 and a 52-week high of $51.40. The firm has a market capitalization of $7.94 billion, a PE ratio of -298.75 and a beta of 2.26.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business 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 3.74% and a negative net margin of 12.05%. On average, sell-side analysts forecast that Credo Technology Group will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the completion of the sale, the chief technology officer now directly owns 8,728,602 shares of the company’s stock, valued at approximately $413,473,876.74. The trade was a 0.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed 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 dated Friday, October 11th. The stock was sold at an average price of $38.41, for a total transaction of $384,100.00. Following the completion of the transaction, the chief operating officer now owns 2,872,672 shares in the company, valued at approximately $110,339,331.52. The trade was a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,269,817 shares of company stock valued at $41,789,636. Company insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of large investors have recently modified their holdings of CRDO. Allworth Financial LP increased its position in Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares during the period. Arcadia Investment Management Corp MI bought a new position in shares of Credo Technology Group during the second quarter valued at approximately $29,000. Rakuten Securities Inc. purchased a new position in Credo Technology Group during the third quarter valued at approximately $30,000. Fifth Third Bancorp raised its stake in Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its holdings in Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the period. Hedge funds and other 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.