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

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) have been assigned an average recommendation of “Moderate Buy” from the sixteen analysts that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $206.8462.

Several analysts have recently weighed in on CRDO shares. Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Barclays lifted their price objective on Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a report on Tuesday. Mizuho upped their price objective on Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday. Stifel Nicolaus set a $160.00 target price on Credo Technology Group in a research report on Wednesday, October 1st. Finally, William Blair assumed coverage on Credo Technology Group in a research note on Thursday, September 18th. They issued an “outperform” rating on the stock.

Credo Technology Group Trading Down 4.4%

CRDO opened at $180.92 on Friday. The stock’s 50 day simple moving average is $154.55 and its 200-day simple moving average is $122.52. The stock has a market cap of $32.68 billion, a PE ratio of 158.70 and a beta of 2.63. Credo Technology Group has a 1 year low of $29.09 and a 1 year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. The firm had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business’s revenue was up 272.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.07 earnings per share. Equities analysts forecast that Credo Technology Group will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $189.35, for a total value of $355,031.25. Following the sale, the director owned 5,893,909 shares of the company’s stock, valued at approximately $1,116,011,669.15. This represents a 0.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $156.32, for a total transaction of $8,597,600.00. Following the transaction, the chief technology officer directly owned 6,668,961 shares of the company’s stock, valued at $1,042,491,983.52. This represents a 0.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 959,371 shares of company stock worth $147,090,265 in the last three months. Company insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Credo Technology Group by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 16,525,380 shares of the company’s stock valued at $2,406,261,000 after purchasing an additional 150,012 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after purchasing an additional 1,190,522 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Credo Technology Group by 4.7% in the second quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock valued at $334,740,000 after buying an additional 163,305 shares in the last quarter. Swedbank AB increased its stake in shares of Credo Technology Group by 29.5% in the first quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock valued at $129,280,000 after buying an additional 733,811 shares in the last quarter. Finally, Alliancebernstein L.P. raised its holdings in shares of Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after buying an additional 1,218,504 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

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.