Credo Technology Group Price Target Increased to $75 by Craig Hallum

Credo Technology Group (NASDAQ:CRDO) recently saw a notable increase in its price target from Craig Hallum, which has raised it from $38.00 to $75.00. This update was shared in a research report provided to investors on Tuesday morning, as reported by Benzinga. The firm maintains a "buy" rating for the stock.

Several other equity research firms have also offered positive insights regarding CRDO. For instance, Mizuho raised its price objective from $35.00 to $41.00 and assigned an "outperform" rating in a report dated October 14. Similarly, Stifel Nicolaus reaffirmed a "buy" rating for the stock and set a target of $75.00, up from a previous $50.00 estimate. In another update, TD Cowen increased its target from $45.00 to $75.00 while retaining a "buy" rating. Bank of America also made headlines by upgrading its rating from "underperform" to "buy" and enhancing its price target from $27.00 to $80.00. Lastly, Needham & Company LLC boosted its price target from $43.00 to $70.00, maintaining a buy rating. Overall, nine research analysts currently rate the stock as a buy, and the average consensus rating stands at "Buy" with a target price of $63.56, according to MarketBeat data.

Credo Technology Group Stock Performance

On Tuesday, shares of NASDAQ CRDO opened at $70.69. The stock has recorded a fifty-day moving average price of $40.42 and a two-hundred-day moving average price of $32.73. In the past 12 months, the company experienced a low of $16.82 and a high of $72.30. Credo Technology Group boasts a market capitalization of approximately $11.74 billion, a PE ratio of -471.27, and a beta value of 2.26.

Most recently, Credo Technology Group published its earnings on September 4. The company reported an EPS of ($0.06) for the quarter, falling short of analysts’ expectations of ($0.03) by $0.03. The firm had a negative return on equity of 2.97% and a negative net margin of 9.70%. Despite these figures, the company generated revenues of $59.71 million during the quarter, slightly surpassing the expected amount of $59.50 million. Analysts predict that Credo Technology Group will post an EPS of -0.02 for the current fiscal year.

Insider Activity

In insider-related news, the company’s Chief Technology Officer, Chi Fung Cheng, sold 55,000 shares on December 2, receiving $2,671,350.00 at an average price of $48.57 per share. Following this transaction, Cheng now holds 8,618,602 shares, valued at around $418,605,499.14, which represents a decrease of 0.63% in his position. This transaction was disclosed in documents submitted to the Securities and Exchange Commission. Additionally, Director Lip Bu Tan sold 150,000 shares on October 2 for a total of $4,575,000.00 at an average price of $30.50 per share. After this sale, Tan owns 2,638,725 shares valued at approximately $80,481,112.50, reflecting a 5.38% decline in ownership. Notably, a total of 1,337,321 shares of the company's stock have been sold by insiders in the last three months, which amounts to a value of $45,067,180. Currently, insiders own 16.04% of the stock.

Institutional Investor Activities

Recent movements among institutional investors indicate increased interest in Credo Technology Group. Allworth Financial LP significantly boosted its stake by 917.9% in the third quarter, acquiring 855 shares, now worth $26,000. Meanwhile, Arcadia Investment Management Corp MI established a new position, valued at $29,000, in the second quarter. Rakuten Securities Inc. also acquired new shares in the third quarter, valued at $30,000. Fifth Third Bancorp increased its holdings by 59.3% during the second quarter, currently owning 1,074 shares worth $34,000 after purchasing an additional 400 shares. Finally, Brown Brothers Harriman & Co. raised its position by 695.1% in the third quarter, now holding 1,145 shares valued at $35,000. Altogether, institutional investors control approximately 80.46% of Credo Technology Group’s stock.

Company Overview

Credo Technology Group Holding Ltd is engaged in providing high-speed connectivity solutions primarily for optical and electrical Ethernet applications. The company's products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and integrated circuits, along with a variety of other connectivity solutions. The company operates in multiple markets, including the United States, Taiwan, Mainland China, and Hong Kong.

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