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

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been assigned a consensus recommendation of “Moderate Buy” from the eight brokerages that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $24.25.

A number of research firms recently issued reports on CRDO. Needham & Company LLC boosted their target price on shares of Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. The Goldman Sachs Group upped their target price on Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Mizuho reaffirmed a “buy” rating and set a $30.00 target price (up from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. TD Cowen boosted their price target on Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a report on Wednesday, February 28th. Finally, Craig Hallum raised their price objective on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, April 15th.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $21.17, for a total value of $1,164,350.00. Following the sale, the chief technology officer now owns 10,158,602 shares in the company, valued at $215,057,604.34. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $21.17, for a total value of $1,164,350.00. Following the transaction, the chief technology officer now owns 10,158,602 shares in the company, valued at $215,057,604.34. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $17.15, for a total value of $257,250.00. Following the sale, the chief executive officer now owns 2,962,500 shares of the company’s stock, valued at $50,806,875. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,646,335 shares of company stock valued at $35,965,584. 23.89% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

Several large investors have recently bought and sold shares of CRDO. Vanguard Group Inc. grew its position in shares of Credo Technology Group by 31.3% in the third quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock valued at $191,705,000 after purchasing an additional 2,993,303 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of Credo Technology Group during the 4th quarter worth $45,362,000. Wellington Management Group LLP acquired a new position in shares of Credo Technology Group during the 4th quarter valued at about $35,224,000. Assenagon Asset Management S.A. purchased a new stake in shares of Credo Technology Group in the third quarter valued at about $20,537,000. Finally, JPMorgan Chase & Co. increased its position in Credo Technology Group by 17.7% during the third quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock worth $131,931,000 after purchasing an additional 1,299,600 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $17.31 on Thursday. The stock’s 50-day simple moving average is $20.07 and its 200-day simple moving average is $19.38. The firm has a market capitalization of $2.83 billion, a PE ratio of -75.26 and a beta of 2.03. Credo Technology Group has a fifty-two week low of $7.44 and a fifty-two week high of $23.90.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.03 by $0.01. The business had revenue of $53.06 million during the quarter, compared to analysts’ expectations of $51.91 million. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 EPS. Sell-side analysts forecast that Credo Technology Group will post -0.12 earnings per share for the current year.

About Credo Technology Group

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.