Credo Technology Group (NASDAQ:CRDO) Earns Buy Rating from Analysts at The Goldman Sachs Group

The Goldman Sachs Group initiated coverage on shares of Credo Technology Group (NASDAQ:CRDO) in a research note published on Thursday, Marketbeat reports. The brokerage issued a buy rating and a $165.00 price objective on the stock.

A number of other analysts have also issued reports on CRDO. Barclays reissued an “overweight” rating and set a $260.00 target price on shares of Credo Technology Group in a research note on Thursday, January 15th. Wolfe Research set a $240.00 price objective on shares of Credo Technology Group in a report on Tuesday, December 2nd. Roth Mkm dropped their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a research report on Monday, December 29th. Finally, Mizuho lifted their price target on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, December 2nd. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average price target of $209.29.

Credo Technology Group Stock Performance

CRDO opened at $124.06 on Thursday. The stock’s 50 day moving average price is $135.98 and its 200-day moving average price is $143.49. Credo Technology Group has a one year low of $29.09 and a one year high of $213.80. The stock has a market cap of $22.41 billion, a price-to-earnings ratio of 108.83 and a beta of 2.65.

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

Insiders Place Their Bets

In other news, Director Sylvia Acevedo sold 2,200 shares of the company’s stock in a transaction that occurred 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 sale, the director owned 18,545 shares of the company’s stock, valued at approximately $2,951,993.10. This represents a 10.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $128.67, for a total transaction of $241,256.25. Following the transaction, the director directly owned 5,892,034 shares in the company, valued at approximately $758,128,014.78. The trade was a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 917,976 shares of company stock worth $136,567,647. 11.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Atlantic Union Bankshares Corp purchased a new stake in shares of Credo Technology Group during the 3rd quarter worth $25,000. Crewe Advisors LLC raised its holdings in Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after purchasing an additional 106 shares in the last quarter. Acumen Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter valued at about $25,000. First Horizon Corp purchased a new stake in shares of Credo Technology Group during the third quarter valued at about $26,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in shares of Credo Technology Group in the 2nd quarter valued at about $27,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.