Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $65.00 at The Goldman Sachs Group

Credo Technology Group (NASDAQ:CRDO) had its price target boosted by The Goldman Sachs Group from $31.00 to $65.00 in a research note published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

CRDO has been the subject of several other research reports. Needham & Company LLC upped their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday. Mizuho upped their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $75.00 price target (up previously from $50.00) on shares of Credo Technology Group in a research report on Tuesday. Barclays boosted their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, TD Cowen boosted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Credo Technology Group has a consensus rating of “Buy” and an average target price of $67.33.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $69.01 on Wednesday. The stock has a market cap of $11.46 billion, a price-to-earnings ratio of -460.07 and a beta of 2.26. Credo Technology Group has a 1 year low of $16.82 and a 1 year high of $75.30. The firm has a 50-day moving average of $41.20 and a two-hundred day moving average of $32.98.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 2.97% and a negative net margin of 9.70%. The business had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Research analysts expect that Credo Technology Group will post -0.02 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $48.57, for a total value of $2,671,350.00. Following the sale, the chief technology officer now owns 8,618,602 shares in the company, valued at $418,605,499.14. This represents a 0.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the completion of the sale, the chief executive officer now owns 2,529,738 shares in the company, valued at $65,140,753.50. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,337,321 shares of company stock worth $45,067,180. 16.04% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Allworth Financial LP increased its stake in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after acquiring an additional 771 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in shares of Credo Technology Group in the second quarter worth $29,000. Rakuten Securities Inc. purchased a new stake in Credo Technology Group during the third quarter worth $30,000. Fifth Third Bancorp boosted its holdings in Credo Technology Group by 59.3% during 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. boosted 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 in the last quarter. Institutional investors and hedge funds 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.