Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Receives Average Recommendation of “Moderate Buy” from Brokerages

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) has received a consensus recommendation of “Moderate Buy” from the nineteen ratings firms that are presently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $267.3889.

A number of brokerages recently issued reports on CRDO. JPMorgan Chase & Co. dropped their price target on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 2nd. Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, June 22nd. Bank of America dropped their target price on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a research note on Wednesday, September 2nd. Wall Street Zen cut shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Barclays raised their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, July 20th.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Lam sold 50,000 shares of the business’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $213.33, for a total value of $10,666,500.00. Following the completion of the transaction, the chief operating officer owned 300,000 shares in the company, valued at $63,999,000. The trade was a 14.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction on Wednesday, July 8th. The shares were 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 in the company, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 313,074 shares of company stock worth $71,827,816. Insiders own 9.06% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System boosted its holdings in shares of Credo Technology Group by 28,062.9% during the 2nd quarter. California State Teachers Retirement System now owns 67,840,375 shares of the company’s stock valued at $18,449,190,000 after acquiring an additional 67,599,489 shares during the last quarter. State Street Corp lifted its position in Credo Technology Group by 23.4% during the fourth quarter. State Street Corp now owns 4,486,320 shares of the company’s stock valued at $645,537,000 after purchasing an additional 849,654 shares during the period. Geode Capital Management LLC lifted its position in Credo Technology Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after purchasing an additional 184,676 shares during the period. Corient Private Wealth LLC boosted its holdings in Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after purchasing an additional 3,597,318 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after purchasing an additional 1,218,504 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Up 1.6%

Shares of NASDAQ:CRDO opened at $162.95 on Friday. The stock has a fifty day simple moving average of $221.67 and a two-hundred day simple moving average of $190.41. Credo Technology Group has a 12-month low of $86.49 and a 12-month high of $308.67. The stock has a market capitalization of $30.63 billion, a price-to-earnings ratio of 57.99, a PEG ratio of 0.65 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The firm had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $473.30 million. During the same period in the prior year, the firm posted $0.52 earnings per share. The company’s quarterly revenue was up 114.7% on a year-over-year basis. As a group, equities research analysts predict that Credo Technology Group will post 5.02 EPS for the current year.

About Credo Technology Group

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.