Credo Technology Group (NASDAQ:CRDO) Given New $300.00 Price Target at TD Cowen

Credo Technology Group (NASDAQ:CRDO) had its price target boosted by investment analysts at TD Cowen from $260.00 to $300.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s target price indicates a potential upside of 17.51% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Mizuho lifted their price target on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Susquehanna raised their price objective on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Jefferies Financial Group lifted their target price on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, Weiss Ratings raised Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $268.39.

Credo Technology Group Price Performance

Shares of CRDO traded down $27.52 during midday trading on Tuesday, hitting $255.30. The stock had a trading volume of 1,714,019 shares, compared to its average volume of 7,362,033. The firm has a market cap of $47.61 billion, a price-to-earnings ratio of 103.38, a price-to-earnings-growth ratio of 1.19 and a beta of 3.23. The company has a 50 day simple moving average of $242.40 and a two-hundred day simple moving average of $179.97. Credo Technology Group has a twelve month low of $86.49 and a twelve month high of $308.67.

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

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total value of $6,684,150.00. Following the transaction, the chief technology officer directly owned 5,882,370 shares of the company’s stock, valued at $1,429,768,852.20. This represents a 0.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the sale, the chief executive officer owned 367,327 shares of the company’s stock, valued at $80,286,662.39. This trade represents a 13.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 435,076 shares of company stock valued at $101,043,506 in the last 90 days. Insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

Hedge funds have recently added to or reduced their stakes in the company. Reflection Asset Management bought a new position in Credo Technology Group during the 4th quarter worth $25,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $25,000. AlphaCentric Advisors LLC bought a new stake in shares of Credo Technology Group in the first quarter valued at about $33,000. Van ECK Associates Corp bought a new stake in shares of Credo Technology Group in the fourth quarter valued at about $37,000. Finally, Western Wealth Management LLC acquired a new position in shares of Credo Technology Group in the first quarter valued at about $38,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

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.