Credo Technology Group (NASDAQ:CRDO – Get Free Report) had its price objective boosted by equities researchers at Needham & Company LLC from $17.00 to $20.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 27.80% from the stock’s previous close.
A number of other equities research analysts also recently commented on CRDO. Bank of America upped their price objective on Credo Technology Group from $14.00 to $16.00 and gave the company an “underperform” rating in a report on Friday. TheStreet raised Credo Technology Group from a “d+” rating to a “c-” rating in a research note on Wednesday, June 7th. Mizuho boosted their target price on Credo Technology Group from $16.00 to $18.00 in a research note on Thursday, June 1st. TD Cowen boosted their target price on Credo Technology Group from $14.00 to $16.00 and gave the company a “market perform” rating in a research note on Friday. Finally, 51job reissued a “maintains” rating on shares of Credo Technology Group in a research note on Thursday, June 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and a consensus price target of $15.30.
Credo Technology Group Stock Up 5.2 %
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last released its quarterly earnings data on Thursday, August 24th. The company reported ($0.03) EPS for the quarter, meeting analysts’ consensus estimates of ($0.03). The business had revenue of $35.10 million during the quarter, compared to the consensus estimate of $34.27 million. Credo Technology Group had a negative return on equity of 5.41% and a negative net margin of 16.30%. The firm’s revenue was down 24.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.01 earnings per share. As a group, equities research analysts anticipate that Credo Technology Group will post -0.11 earnings per share for the current fiscal year.
Insider Transactions at Credo Technology Group
In other news, General Counsel Adam Thorngate-Gottlund sold 37,005 shares of the company’s stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $17.11, for a total transaction of $633,155.55. Following the completion of the transaction, the general counsel now directly owns 280,958 shares of the company’s stock, valued at $4,807,191.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CTO Chi Fung Cheng sold 2,800 shares of the stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $15.02, for a total transaction of $42,056.00. Following the completion of the transaction, the chief technology officer now directly owns 11,353,002 shares of the company’s stock, valued at $170,522,090.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Adam Thorngate-Gottlund sold 37,005 shares of the stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $17.11, for a total value of $633,155.55. Following the transaction, the general counsel now directly owns 280,958 shares of the company’s stock, valued at $4,807,191.38. The disclosure for this sale can be found here. Insiders sold 2,816,331 shares of company stock valued at $47,051,067 over the last three months. Company insiders own 34.20% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of CRDO. Harvest Fund Management Co. Ltd bought a new stake in Credo Technology Group in the first quarter valued at approximately $25,000. Ameritas Investment Partners Inc. bought a new stake in Credo Technology Group in the first quarter valued at approximately $26,000. Royal Bank of Canada bought a new stake in Credo Technology Group in the first quarter valued at approximately $26,000. Assetmark Inc. raised its stake in Credo Technology Group by 35.9% in the fourth quarter. Assetmark Inc. now owns 2,132 shares of the company’s stock valued at $28,000 after buying an additional 563 shares during the period. Finally, Altshuler Shaham Ltd bought a new stake in Credo Technology Group in the fourth quarter valued at approximately $40,000. 51.04% of the stock is owned by institutional investors and hedge funds.
About Credo Technology Group
Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.
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