Brokerages Set Credo Technology Group Holding Ltd. (NASDAQ:CRDO) PT at $263.11

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) has been given a consensus recommendation of “Buy” by the nineteen analysts that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $265.3333.

CRDO has been the subject of a number of research reports. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Bank of America upped their target price on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Needham & Company LLC raised their price target on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Finally, Roth Capital boosted their price objective on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd.

Credo Technology Group Stock Up 4.6%

CRDO opened at $212.07 on Friday. The firm has a market capitalization of $39.55 billion, a P/E ratio of 85.51, a PEG ratio of 0.93 and a beta of 3.20. The stock has a fifty day moving average of $232.14 and a 200-day moving average of $167.76. Credo Technology Group has a 12-month low of $86.49 and a 12-month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The business had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.Credo Technology Group’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 earnings per share. On average, analysts expect that Credo Technology Group will post 4.84 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 3,790 shares of Credo Technology Group stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $258.71, for a total transaction of $980,510.90. Following the completion of the sale, the chief technology officer owned 140,358 shares of the company’s stock, valued at $36,312,018.18. This trade represents a 2.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the transaction, the chief financial officer owned 504,708 shares in the company, valued at approximately $124,097,603.04. This represents a 1.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 329,662 shares of company stock worth $76,068,196 in the last quarter. 11.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CRDO. Vanguard Group Inc. lifted its holdings in shares of Credo Technology Group by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock valued at $2,386,449,000 after buying an additional 59,849 shares during the last quarter. State Street Corp grew its stake in shares of Credo Technology Group by 23.4% in the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock valued at $645,537,000 after buying an additional 849,654 shares in the last quarter. Geode Capital Management LLC increased its holdings in Credo Technology Group by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after buying an additional 184,676 shares during the last quarter. Corient Private Wealth LLC increased its holdings in Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after buying an additional 3,597,318 shares during the last quarter. Finally, Alliancebernstein L.P. raised its position 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 acquiring an additional 1,218,504 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.