Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Given Consensus Recommendation of “Buy” by Brokerages

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) has received a consensus recommendation of “Buy” from the sixteen analysts that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $206.8462.

CRDO has been the topic of several research analyst reports. Cowen reiterated a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Wolfe Research set a $240.00 price target on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 price objective on shares of Credo Technology Group in a research note on Wednesday, October 1st. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. Finally, New Street Research set a $240.00 target price on shares of Credo Technology Group in a research note on Tuesday, December 2nd.

Insiders Place Their Bets

In other Credo Technology Group news, insider James Laufman sold 10,000 shares of the stock in a transaction dated Wednesday, December 24th. The stock was sold at an average price of $150.00, for a total value of $1,500,000.00. Following the sale, the insider owned 214,905 shares of the company’s stock, valued at $32,235,750. This trade represents a 4.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $150.77, for a total value of $8,292,350.00. Following the transaction, the chief technology officer directly owned 6,503,961 shares of the company’s stock, valued at approximately $980,602,199.97. This represents a 0.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,266,246 shares of company stock valued at $192,865,933. 11.84% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Credo Technology Group in the 3rd quarter valued at $25,000. First Horizon Corp purchased a new position in Credo Technology Group in the third quarter valued at $26,000. Smartleaf Asset Management LLC raised its stake in Credo Technology Group by 133.6% in the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after buying an additional 147 shares in the last quarter. Park Place Capital Corp acquired a new stake in Credo Technology Group in the third quarter valued at $41,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in shares of Credo Technology Group during the 2nd quarter worth about $27,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $144.70 on Tuesday. The company’s 50 day simple moving average is $157.26 and its 200-day simple moving average is $133.49. Credo Technology Group has a 1 year low of $29.09 and a 1 year high of $213.80. The company has a market capitalization of $26.14 billion, a price-to-earnings ratio of 126.93 and a beta of 2.63.

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

Credo Technology Group Company Profile

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.