Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) has received a consensus recommendation of “Moderate Buy” from the fifteen analysts that are currently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $212.6923.

Several equities research analysts have weighed in on CRDO shares. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. Roth Mkm lowered their price objective on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Rosenblatt Securities began coverage on Credo Technology Group in a research note on Wednesday, January 21st. They set a “neutral” rating and a $170.00 target price on the stock. Bank of America increased their price target on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Finally, Barclays restated an “overweight” rating and set a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Sylvia Acevedo sold 2,200 shares of the firm’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total value of $350,196.00. Following the completion of the transaction, the director owned 18,545 shares of the company’s stock, valued at approximately $2,951,993.10. This trade represents a 10.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction on Friday, January 30th. The stock was sold at an average price of $128.67, for a total transaction of $241,256.25. Following the sale, the director owned 5,892,034 shares of the company’s stock, valued at $758,128,014.78. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 917,976 shares of company stock worth $136,567,647 in the last 90 days. 11.84% of the stock is owned by insiders.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. California Public Employees Retirement System grew its position in shares of Credo Technology Group by 17.2% during the 2nd quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock valued at $23,848,000 after acquiring an additional 37,772 shares during the period. Optimize Financial Inc acquired a new position in Credo Technology Group in the 3rd quarter worth about $1,431,000. Estate Counselors LLC purchased a new position in Credo Technology Group during the third quarter worth approximately $2,548,000. Global Trust Asset Management LLC acquired a new stake in Credo Technology Group in the third quarter valued at approximately $2,167,000. Finally, New York State Common Retirement Fund increased its position in shares of Credo Technology Group by 106.5% in the third quarter. New York State Common Retirement Fund now owns 146,134 shares of the company’s stock valued at $21,279,000 after buying an additional 75,369 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Price Performance

CRDO opened at $124.80 on Wednesday. The firm has a market capitalization of $22.54 billion, a PE ratio of 109.47 and a beta of 2.65. The business’s 50-day moving average is $137.46 and its two-hundred day moving average is $143.39. 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 released its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS 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 business had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. During the same period in the prior year, the firm posted $0.07 earnings per share. The company’s quarterly revenue was up 272.1% on a year-over-year basis. As a group, sell-side analysts expect that Credo Technology Group will post 0.13 EPS for the current year.

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.