Stifel Nicolaus Forecasts Strong Price Appreciation for Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group (NASDAQ:CRDO) had its price objective upped by investment analysts at Stifel Nicolaus from $250.00 to $350.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ price target would indicate a potential upside of 28.76% from the company’s current price.

CRDO has been the topic of several other reports. Jefferies Financial Group lifted their target price on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. JPMorgan Chase & Co. boosted their price objective on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 2nd. TD Cowen upped their target price on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $254.29.

Credo Technology Group Stock Performance

Shares of CRDO opened at $271.83 on Monday. The stock has a market capitalization of $50.69 billion, a PE ratio of 109.61, a P/E/G ratio of 1.43 and a beta of 3.22. Credo Technology Group has a 1 year low of $81.72 and a 1 year high of $274.90. The company’s 50-day simple moving average is $199.85 and its 200-day simple moving average is $154.04.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The business’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.20 earnings per share. On average, sell-side analysts predict that Credo Technology Group will post 4.84 earnings per share for the current year.

Insider Activity at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the completion of the transaction, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. This represents a 7.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Fariba Danesh sold 1,100 shares of the stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total value of $259,974.00. Following the completion of the transaction, the director owned 7,017 shares in the company, valued at approximately $1,658,397.78. The trade was a 13.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 416,884 shares of company stock worth $72,809,943 over the last three months. Company insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Corient Private Wealth LLC boosted its position in shares of Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after purchasing an additional 3,597,318 shares during the period. Amundi increased its position in Credo Technology Group by 28,478.2% during the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after buying an additional 1,554,338 shares during the period. Janus Henderson Group PLC increased its position in Credo Technology Group by 841.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock worth $228,979,000 after buying an additional 1,422,391 shares during the period. Bank of America Corp DE lifted its stake in Credo Technology Group by 161.5% in the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after buying an additional 1,406,752 shares during the last quarter. Finally, Rafferty Asset Management LLC purchased a new stake in Credo Technology Group in the third quarter valued at approximately $183,553,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.