Credo Technology Group (NASDAQ:CRDO) Earns “Neutral” Rating from Rosenblatt Securities

Credo Technology Group (NASDAQ:CRDO)‘s stock had its “neutral” rating restated by equities researchers at Rosenblatt Securities in a report released on Thursday, Benzinga reports. They currently have a $235.00 price objective on the stock. Rosenblatt Securities’ price objective points to a potential upside of 35.99% from the company’s current price.

Other analysts have also recently issued reports about the stock. Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Susquehanna upped their target price on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Barclays upped their target price 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. JPMorgan Chase & Co. decreased their target price on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 2nd. Finally, Mizuho decreased their target price on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating on the stock in a research report on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $262.67.

Credo Technology Group Trading Up 1.8%

Shares of CRDO stock traded up $3.11 on Thursday, reaching $172.81. The company’s stock had a trading volume of 7,449,245 shares, compared to its average volume of 7,589,844. The stock’s fifty day simple moving average is $204.44 and its 200-day simple moving average is $205.65. Credo Technology Group has a 1 year low of $86.49 and a 1 year high of $308.67. The company has a market capitalization of $32.48 billion, a price-to-earnings ratio of 61.50, a price-to-earnings-growth ratio of 0.68 and a beta of 3.25.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The firm had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. During the same period last year, the firm posted $0.52 earnings per share. Credo Technology Group’s revenue for the quarter was up 114.7% compared to the same quarter last year. Equities research analysts forecast that Credo Technology Group will post 5.02 earnings per share for the current year.

Insider Activity

In other Credo Technology Group news, CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction dated Tuesday, October 13th. The shares were sold at an average price of $192.99, for a total value of $5,307,225.00. Following the transaction, the chief technology officer directly owned 5,607,397 shares in the company, valued at $1,082,171,547.03. This represents a 0.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Lam sold 50,000 shares of the company’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $205.22, for a total transaction of $10,261,000.00. Following the completion of the transaction, the chief operating officer owned 2,254,169 shares in the company, valued at $462,600,562.18. This represents a 2.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 468,786 shares of company stock valued at $95,025,003. Insiders own 9.06% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its stake in Credo Technology Group by 2.6% in the third quarter. GAMMA Investing LLC now owns 1,986 shares of the company’s stock worth $387,000 after acquiring an additional 51 shares during the period. City Center Advisors LLC lifted its stake in Credo Technology Group by 2.1% in the second quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock worth $706,000 after acquiring an additional 53 shares during the period. Versant Capital Management Inc lifted its stake in Credo Technology Group by 8.0% in the second quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock worth $205,000 after acquiring an additional 56 shares during the period. TD Waterhouse Canada Inc. lifted its stake in Credo Technology Group by 28.1% in the third quarter. TD Waterhouse Canada Inc. now owns 337 shares of the company’s stock worth $71,000 after acquiring an additional 74 shares during the period. Finally, QRG Capital Management Inc. lifted its stake in Credo Technology Group by 1.7% in the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock worth $507,000 after acquiring an additional 91 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

About Credo Technology Group

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.