Stifel Nicolaus Issues Positive Forecast for Credo Technology Group (NASDAQ:CRDO) Stock Price

Credo Technology Group (NASDAQ:CRDO) had its price target increased by equities researchers at Stifel Nicolaus from $80.00 to $115.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ target price indicates a potential upside of 23.39% from the stock’s previous close.

A number of other analysts have also commented on the company. TD Cowen lifted their price objective on Credo Technology Group from $85.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, June 18th. Mizuho boosted their target price on Credo Technology Group from $81.00 to $98.00 and gave the stock an “outperform” rating in a research report on Thursday, July 3rd. Cowen restated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Barclays set a $85.00 target price on Credo Technology Group and gave the stock an “overweight” rating in a research report on Tuesday, June 3rd. Finally, Noble Financial upgraded Credo Technology Group to a “strong-buy” rating in a research report on Tuesday, June 3rd. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group presently has an average rating of “Buy” and a consensus target price of $85.64.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded down $5.25 during midday trading on Friday, reaching $93.20. The company’s stock had a trading volume of 2,160,933 shares, compared to its average volume of 4,203,618. Credo Technology Group has a fifty-two week low of $22.50 and a fifty-two week high of $104.35. The company has a market capitalization of $16.00 billion, a P/E ratio of 346.11, a P/E/G ratio of 1.82 and a beta of 2.57. The business’s fifty day simple moving average is $77.79 and its 200-day simple moving average is $63.51.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. The company had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The firm’s quarterly revenue was up 179.6% compared to the same quarter last year. During the same period last year, the company posted $0.07 earnings per share. On average, analysts forecast that Credo Technology Group will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 12,248 shares of the business’s stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $93.22, for a total value of $1,141,758.56. Following the sale, the director owned 467,180 shares in the company, valued at approximately $43,550,519.60. The trade was a 2.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider James Laufman sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $85.07, for a total value of $425,350.00. Following the completion of the sale, the insider owned 249,346 shares in the company, valued at $21,211,864.22. The trade was a 1.97% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,078,139 shares of company stock worth $82,013,680. 16.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors have recently bought and sold shares of the company. Operose Advisors LLC lifted its stake in Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company’s stock valued at $25,000 after acquiring an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Credo Technology Group during the 1st quarter worth approximately $25,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Credo Technology Group during the 1st quarter worth approximately $27,000. Harbour Investments Inc. bought a new stake in shares of Credo Technology Group during the 1st quarter worth approximately $29,000. Finally, Virtus Advisers LLC bought a new stake in shares of Credo Technology Group during the 1st quarter worth approximately $31,000. 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.