Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $80.00 at Barclays

Credo Technology Group (NASDAQ:CRDO) had its price target increased by investment analysts at Barclays from $32.00 to $80.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 21.36% from the company’s previous close.

Several other research firms have also issued reports on CRDO. Mizuho lifted their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the company from $27.00 to $80.00 in a research note on Tuesday. Roth Mkm boosted their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. The Goldman Sachs Group lifted their price target on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, Stifel Nicolaus lifted their target price on Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $55.78.

Credo Technology Group Trading Up 37.9 %

Shares of Credo Technology Group stock traded up $18.12 during trading on Tuesday, reaching $65.92. The company’s stock had a trading volume of 4,068,412 shares, compared to its average volume of 2,281,268. The stock has a market capitalization of $10.95 billion, a P/E ratio of -298.75 and a beta of 2.26. The stock has a 50-day moving average price of $39.60 and a two-hundred day moving average price of $32.37. Credo Technology Group has a one year low of $16.82 and a one year high of $68.46.

Credo Technology Group (NASDAQ:CRDO) last issued 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). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The company had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. As a group, sell-side analysts anticipate that Credo Technology Group will post -0.02 EPS for the current fiscal year.

Insider Activity

In related news, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the sale, the chief executive officer now directly owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. The trade was a 5.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group 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 transaction, the director now owns 2,638,725 shares of the company’s stock, valued at $80,481,112.50. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,269,817 shares of company stock worth $41,789,636 over the last quarter. 16.04% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in CRDO. Allworth Financial LP boosted its holdings in Credo Technology Group by 917.9% in 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 purchased a new position in shares of Credo Technology Group during the 2nd quarter valued at about $29,000. Rakuten Securities Inc. bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $30,000. Fifth Third Bancorp grew its holdings in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its position in Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares during the period. 80.46% of the stock is owned by institutional investors.

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.