Stifel Nicolaus Cuts Credo Technology Group (NASDAQ:CRDO) Price Target to $310.00

Credo Technology Group (NASDAQ:CRDO) had its price objective reduced by Stifel Nicolaus from $350.00 to $310.00 in a report released on Monday morning, MarketBeat Ratings reports. They currently have a buy rating on the stock.

Several other research analysts have also commented on the stock. TD Cowen raised their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. Mizuho dropped their price objective on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating for the company in a report on Monday, September 21st. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. JPMorgan Chase & Co. reduced their target price on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a report on Wednesday, September 2nd. Finally, Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $262.67.

Credo Technology Group Trading Down 0.4%

CRDO stock opened at $220.01 on Monday. The business’s fifty day moving average price is $208.72 and its 200 day moving average price is $200.98. Credo Technology Group has a 12-month low of $86.49 and a 12-month high of $308.67. The company has a market capitalization of $41.35 billion, a PE ratio of 78.30, a P/E/G ratio of 0.88 and a beta of 3.25.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. The company had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.Credo Technology Group’s revenue for the quarter was up 114.7% on a year-over-year basis. During the same period last year, the business posted $0.52 EPS. Research analysts predict that Credo Technology Group will post 5.02 EPS for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $193.12, for a total value of $5,310,800.00. Following the completion of the transaction, the chief technology officer directly owned 5,689,897 shares of the company’s stock, valued at $1,098,832,908.64. This represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Lam sold 55,441 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the transaction, the chief operating officer owned 2,529,169 shares in the company, valued at $538,763,580.38. This represents a 2.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 428,376 shares of company stock worth $87,012,128. Company insiders own 9.06% 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. Elevation Wealth Partners LLC lifted its position in shares of Credo Technology Group by 292.9% during the 3rd quarter. Elevation Wealth Partners LLC now owns 275 shares of the company’s stock worth $54,000 after buying an additional 205 shares during the last quarter. Polaris Financial Partners purchased a new position in shares of Credo Technology Group in the 3rd quarter valued at $681,000. GoalVest Advisory LLC grew its position in shares of Credo Technology Group by 49,226.5% in the 3rd quarter. GoalVest Advisory LLC now owns 24,170 shares of the company’s stock valued at $4,708,000 after buying an additional 24,121 shares during the last quarter. Burkett Financial Services LLC acquired a new stake in Credo Technology Group during the 3rd quarter worth $33,000. Finally, QRG Capital Management Inc. raised its stake in Credo Technology Group by 20.8% during the 2nd quarter. QRG Capital Management Inc. now owns 6,527 shares of the company’s stock worth $1,774,000 after acquiring an additional 1,125 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.

The company’s product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.