Credo Technology Group (NASDAQ:CRDO) Upgraded to Strong-Buy at Rothschild & Co Redburn

Rothschild & Co Redburn upgraded shares of Credo Technology Group (NASDAQ:CRDO) to a strong-buy rating in a research note published on Friday, Marketbeat.com reports. Rothschild & Co Redburn currently has $206.00 price objective on the stock.

A number of other brokerages also recently weighed in on CRDO. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 target price on shares of Credo Technology Group in a research note on Wednesday, April 15th. Rosenblatt Securities raised their target price on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Susquehanna decreased their target price on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating for the company in a research note on Tuesday, March 3rd. Finally, Jefferies Financial Group initiated coverage on shares of Credo Technology Group in a research note on Monday, April 13th. They set a “buy” rating and a $175.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $207.71.

Credo Technology Group Price Performance

CRDO traded up $10.37 on Friday, hitting $184.38. The company had a trading volume of 4,679,190 shares, compared to its average volume of 7,145,066. Credo Technology Group has a 52-week low of $45.65 and a 52-week high of $213.80. The stock has a fifty day simple moving average of $125.98 and a 200-day simple moving average of $139.49. The firm has a market capitalization of $34.01 billion, a P/E ratio of 102.43 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same quarter last year, the firm earned $0.25 earnings per share. The business’s revenue for the quarter was up 201.5% on a year-over-year basis. Equities research analysts expect that Credo Technology Group will post 2.36 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In related news, CEO William Joseph Brennan sold 6,149 shares of the firm’s stock in a transaction that occurred on Sunday, April 5th. The shares were sold at an average price of $101.45, for a total transaction of $623,816.05. Following the completion of the sale, the chief executive officer owned 222,311 shares of the company’s stock, valued at $22,553,450.95. This trade represents a 2.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 3,180 shares of the firm’s stock in a transaction that occurred on Sunday, April 5th. The shares were sold at an average price of $101.45, for a total transaction of $322,611.00. Following the sale, the chief operating officer directly owned 2,610,329 shares of the company’s stock, valued at $264,817,877.05. This trade represents a 0.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 359,108 shares of company stock valued at $45,449,126 over the last ninety days. Corporate insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Crewe Advisors LLC increased its position in shares of Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares in the last quarter. Reflection Asset Management purchased a new stake in Credo Technology Group in the fourth quarter worth approximately $25,000. Atlantic Union Bankshares Corp purchased a new stake in Credo Technology Group in the third quarter worth approximately $25,000. Acumen Wealth Advisors LLC purchased a new stake in Credo Technology Group in the fourth quarter worth approximately $25,000. Finally, First Horizon Corp purchased a new stake in Credo Technology Group in the third quarter worth approximately $26,000. Institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

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.