Craig Hallum Boosts Credo Technology Group (NASDAQ:CRDO) Price Target to $30.00

Credo Technology Group (NASDAQ:CRDO) had its target price upped by Craig Hallum from $28.00 to $30.00 in a research report report published on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

CRDO has been the subject of a number of other research reports. Mizuho reiterated a buy rating and issued a $30.00 price objective (up previously from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. Needham & Company LLC increased their price target on shares of Credo Technology Group from $24.00 to $26.00 and gave the stock a buy rating in a research note on Wednesday, February 28th. The Goldman Sachs Group boosted their price objective on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a buy rating in a research note on Wednesday, February 28th. Finally, TD Cowen raised their target price on shares of Credo Technology Group from $20.00 to $24.00 and gave the company a market perform rating in a research note on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $24.25.

Credo Technology Group Stock Down 4.1 %

NASDAQ:CRDO opened at $18.59 on Monday. The firm’s fifty day simple moving average is $21.46 and its 200 day simple moving average is $19.18. The stock has a market cap of $3.04 billion, a P/E ratio of -80.83 and a beta of 1.97. Credo Technology Group has a twelve month low of $7.20 and a twelve month high of $23.90.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.03 by $0.01. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The business had revenue of $53.06 million during the quarter, compared to analyst estimates of $51.91 million. During the same period last year, the business posted $0.02 earnings per share. Credo Technology Group’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, analysts expect that Credo Technology Group will post -0.12 EPS for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, COO Yat Tung Lam sold 37,733 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $20.02, for a total transaction of $755,414.66. Following the completion of the sale, the chief operating officer now owns 1,021,245 shares of the company’s stock, valued at $20,445,324.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Credo Technology Group news, COO Yat Tung Lam sold 37,733 shares of Credo Technology Group stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $20.02, for a total value of $755,414.66. Following the completion of the sale, the chief operating officer now owns 1,021,245 shares of the company’s stock, valued at approximately $20,445,324.90. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of the business’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $22.03, for a total value of $327,872.49. Following the completion of the transaction, the general counsel now owns 218,249 shares of the company’s stock, valued at approximately $4,808,025.47. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,801,218 shares of company stock worth $39,757,457. Corporate insiders own 23.89% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of CRDO. Royal Bank of Canada bought a new position in Credo Technology Group during the first quarter valued at approximately $26,000. Ameritas Investment Partners Inc. purchased a new stake in Credo Technology Group during the 1st quarter valued at $26,000. Advisors Asset Management Inc. lifted its holdings in shares of Credo Technology Group by 295.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock valued at $28,000 after buying an additional 1,376 shares during the period. Altshuler Shaham Ltd purchased a new position in shares of Credo Technology Group in the 4th quarter worth $40,000. Finally, KBC Group NV bought a new stake in shares of Credo Technology Group in the fourth quarter worth $43,000. Institutional investors own 80.46% of the company’s stock.

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.