Needham & Company LLC Issues Positive Forecast for Credo Technology Group (NASDAQ:CRDO) Stock Price

Credo Technology Group (NASDAQ:CRDO) had its price target raised by research analysts at Needham & Company LLC from $43.00 to $70.00 in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 46.44% from the company’s previous close.

Other research analysts also recently issued research reports about the company. The Goldman Sachs Group increased their target price on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Mizuho boosted their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Roth Mkm raised their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $50.44.

Credo Technology Group Trading Down 2.4 %

Shares of CRDO stock opened at $47.80 on Tuesday. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $51.40. The company has a market capitalization of $7.94 billion, a PE ratio of -298.75 and a beta of 2.26. The firm has a fifty day simple moving average of $39.60 and a 200-day simple moving average of $32.37.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share 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 net margin of 12.05% and a negative return on equity of 3.74%. Equities research analysts predict that Credo Technology Group will post -0.02 EPS for the current year.

Insider Activity

In related news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the sale, the chief operating officer now directly owns 2,885,840 shares in the company, valued at approximately $79,908,909.60. This trade represents a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the transaction, the chief technology officer now directly owns 8,728,602 shares in the company, valued at $413,473,876.74. The trade was a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,269,817 shares of company stock worth $41,789,636. Insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently bought and sold shares of CRDO. Price T Rowe Associates Inc. MD increased its stake in Credo Technology Group by 10.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock valued at $1,484,000 after acquiring an additional 6,813 shares during the period. California State Teachers Retirement System lifted its position in Credo Technology Group by 7.7% during the 1st quarter. California State Teachers Retirement System now owns 128,795 shares of the company’s stock valued at $2,729,000 after purchasing an additional 9,218 shares during the period. Harbor Capital Advisors Inc. boosted its stake in Credo Technology Group by 319.8% in the second quarter. Harbor Capital Advisors Inc. now owns 31,383 shares of the company’s stock valued at $1,002,000 after acquiring an additional 23,907 shares during the last quarter. Kingswood Wealth Advisors LLC bought a new position in Credo Technology Group during the second quarter worth about $392,000. Finally, CWM LLC boosted its stake in 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 acquiring an additional 594 shares during the last quarter. 80.46% of the stock is owned by institutional investors.

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.