Credo Technology Group (NASDAQ:CRDO) Stock Rating Upgraded by Wall Street Zen

Credo Technology Group (NASDAQ:CRDO) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

A number of other equities research analysts have also commented on CRDO. Needham & Company LLC upped their price objective on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Cowen restated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Susquehanna boosted their target price on shares of Credo Technology Group from $90.00 to $115.00 and gave the company a “positive” rating in a research report on Tuesday, July 22nd. Barclays set a $85.00 price objective on Credo Technology Group and gave the company an “overweight” rating in a research note on Tuesday, June 3rd. Finally, TD Cowen lifted their price target on shares of Credo Technology Group from $85.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, June 18th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group presently has a consensus rating of “Buy” and a consensus price target of $91.27.

Credo Technology Group Stock Down 0.5%

Credo Technology Group stock opened at $116.74 on Friday. The stock has a market cap of $20.04 billion, a price-to-earnings ratio of 432.37, a P/E/G ratio of 2.11 and a beta of 2.59. Credo Technology Group has a 12-month low of $24.08 and a 12-month high of $128.56. The business’s 50-day simple moving average is $97.71 and its 200 day simple moving average is $68.84.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The company had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. During the same period in the previous year, the company posted $0.07 earnings per share. The company’s quarterly revenue was up 179.6% compared to the same quarter last year. As a group, sell-side analysts expect that Credo Technology Group will post 0.13 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 59,641 shares of the company’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $74.96, for a total value of $4,470,689.36. Following the sale, the chief technology officer directly owned 7,603,961 shares of the company’s stock, valued at $569,992,916.56. This represents a 0.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 150,000 shares of the company’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $106.87, for a total transaction of $16,030,500.00. Following the completion of the sale, the chief executive officer owned 2,061,978 shares in the company, valued at approximately $220,363,588.86. This trade represents a 6.78% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,274,583 shares of company stock valued at $113,118,257. 16.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in Credo Technology Group by 36.5% during the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock valued at $602,662,000 after purchasing an additional 1,739,844 shares in the last quarter. Nuveen LLC purchased a new position in Credo Technology Group during the first quarter valued at approximately $52,636,000. Alliancebernstein L.P. lifted its holdings in Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. Polar Capital Holdings Plc lifted its holdings in Credo Technology Group by 382.1% during the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock valued at $97,527,000 after purchasing an additional 1,150,084 shares in the last quarter. Finally, 1832 Asset Management L.P. purchased a new position in Credo Technology Group during the second quarter valued at approximately $82,479,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.