Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Given Consensus Rating of “Buy” by Analysts

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) have received an average recommendation of “Buy” from the nineteen ratings firms that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $266.1667.

Several equities analysts have recently issued reports on CRDO shares. Susquehanna lifted their price target on Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research report on Tuesday. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 price objective on the stock. Evercore initiated coverage on shares of Credo Technology Group in a research report on Monday, June 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. Barclays raised their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, June 2nd.

Insider Activity

In related news, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the transaction, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. This represents a 1.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sylvia Acevedo sold 2,208 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $211.00, for a total value of $465,888.00. Following the completion of the transaction, the director directly owned 16,337 shares in the company, valued at $3,447,107. This trade represents a 11.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 302,162 shares of company stock worth $70,897,646 over the last three months. 11.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. lifted its position in Credo Technology Group by 9.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock valued at $39,004,000 after purchasing an additional 23,332 shares during the period. FengHe Fund Management Pte. Ltd. grew its stake in shares of Credo Technology Group by 5.7% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after purchasing an additional 8,769 shares during the period. M&T Bank Corp increased its position in shares of Credo Technology Group by 428.8% during the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock valued at $1,932,000 after purchasing an additional 10,888 shares during the last quarter. Nordea Investment Management AB purchased a new stake in shares of Credo Technology Group during the 4th quarter valued at about $2,084,000. Finally, Teacher Retirement System of Texas increased its position in shares of Credo Technology Group by 486.2% during the 4th quarter. Teacher Retirement System of Texas now owns 239,721 shares of the company’s stock valued at $34,493,000 after purchasing an additional 198,826 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Down 9.9%

Shares of NASDAQ:CRDO opened at $213.15 on Friday. The stock has a fifty day simple moving average of $235.28 and a two-hundred day simple moving average of $169.88. The stock has a market capitalization of $39.75 billion, a price-to-earnings ratio of 85.95, a PEG ratio of 1.08 and a beta of 3.20. Credo Technology Group has a 12-month low of $86.49 and a 12-month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same period in the previous year, the company posted $0.20 earnings per share. The company’s revenue for the quarter was up 157.0% compared to the same quarter last year. As a group, equities research analysts predict that Credo Technology Group will post 4.84 EPS for the current year.

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.