Credo Technology Group (NASDAQ:CRDO) Price Target Increased to $23.00 by Analysts at The Goldman Sachs Group

by · The Cerbat Gem

Credo Technology Group (NASDAQ:CRDO – Get Free Report) had its price target boosted by equities research analysts at The Goldman Sachs Group from $18.00 to $23.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 24.06% from the company’s previous close.

A number of other analysts also recently commented on the company. TD Cowen upped their price objective on Credo Technology Group from $16.00 to $20.00 and gave the stock a “market perform” rating in a report on Thursday. Needham & Company LLC raised their price target on shares of Credo Technology Group from $20.00 to $24.00 and gave the company a “buy” rating in a report on Thursday. Bank of America boosted their price objective on Credo Technology Group from $14.00 to $16.00 and gave the stock an “underperform” rating in a research note on Friday, August 25th. Craig Hallum boosted their price target on Credo Technology Group from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, October 9th. Finally, TheStreet lowered shares of Credo Technology Group from a “c-” rating to a “d+” rating in a report on Wednesday, September 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.33.

Get Our Latest Stock Report on CRDO

Credo Technology Group Trading Down 3.7 %

CRDO stock traded down $0.71 during trading on Thursday, hitting $18.54. 821,184 shares of the company’s stock were exchanged, compared to its average volume of 2,017,397. Credo Technology Group has a 52-week low of $7.20 and a 52-week high of $19.46. The business has a 50-day moving average price of $15.90 and a two-hundred day moving average price of $15.69. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of -97.58 and a beta of 2.04.

Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued its earnings results on Wednesday, November 29th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.05. Credo Technology Group had a negative return on equity of 5.41% and a negative net margin of 16.30%. The business had revenue of $44.04 million during the quarter, compared to the consensus estimate of $42.66 million. During the same period in the prior year, the business posted $0.02 EPS. The company’s revenue for the quarter was down 14.3% on a year-over-year basis. On average, equities research analysts anticipate that Credo Technology Group will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Adam Thorngate-Gottlund sold 2,168 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $17.09, for a total value of $37,051.12. Following the completion of the sale, the general counsel now owns 267,961 shares of the company’s stock, valued at $4,579,453.49. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, General Counsel Adam Thorngate-Gottlund sold 2,168 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $17.09, for a total transaction of $37,051.12. Following the transaction, the general counsel now directly owns 267,961 shares of the company’s stock, valued at $4,579,453.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel W. Fleming sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $17.52, for a total transaction of $87,600.00. Following the completion of the transaction, the chief financial officer now owns 674,698 shares in the company, valued at approximately $11,820,708.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 302,815 shares of company stock valued at $4,778,193. Company insiders own 23.89% of the company’s stock.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Harvest Fund Management Co. Ltd bought a new stake in shares of Credo Technology Group in the first quarter valued at approximately $25,000. Royal Bank of Canada bought a new stake in shares of Credo Technology Group in the 1st quarter worth about $26,000. Ameritas Investment Partners Inc. bought a new position in shares of Credo Technology Group in the first quarter valued at approximately $26,000. Advisors Asset Management Inc. raised its stake in shares of Credo Technology Group by 295.9% in the third quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock worth $28,000 after acquiring an additional 1,376 shares during the last quarter. Finally, Altshuler Shaham Ltd acquired a new position in shares of Credo Technology Group during the fourth quarter worth approximately $40,000. Institutional investors and hedge funds own 54.44% of the company’s stock.

Credo Technology Group Company Profile

(Get Free Report)

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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