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

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) has earned an average rating of “Buy” from the thirteen research firms that are presently covering the stock, Marketbeat Ratings reports. Twelve research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $80.09.

Several analysts recently issued reports on the stock. Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the company an “overweight” rating in a research note on Tuesday, June 3rd. Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Mizuho lowered their price objective on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research note on Thursday, April 3rd. TD Cowen upped their target price on Credo Technology Group from $50.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, June 3rd. Finally, Bank of America cut their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $49.77, for a total value of $2,737,350.00. Following the completion of the sale, the chief technology officer now owns 8,048,602 shares in the company, valued at approximately $400,578,921.54. This trade represents a 0.68% decrease in their position. The transaction 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 the company’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $46.01, for a total value of $86,268.75. Following the transaction, the director now owns 5,900,527 shares in the company, valued at $271,483,247.27. This trade represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 728,121 shares of company stock worth $40,308,283. Company insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently modified their holdings of CRDO. Norges Bank purchased a new position in Credo Technology Group during the 4th quarter valued at about $117,242,000. Nuveen LLC purchased a new position in shares of Credo Technology Group in the first quarter valued at approximately $52,636,000. Alliancebernstein L.P. boosted its stake in shares of Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after purchasing an additional 1,305,594 shares during the period. Polar Capital Holdings Plc boosted its stake in shares of Credo Technology Group by 382.1% in the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock valued at $97,527,000 after purchasing an additional 1,150,084 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Credo Technology Group by 441.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock valued at $65,594,000 after purchasing an additional 795,751 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Trading Up 0.7%

NASDAQ:CRDO opened at $79.71 on Friday. Credo Technology Group has a 12 month low of $22.50 and a 12 month high of $86.69. The stock has a 50 day moving average of $55.33 and a two-hundred day moving average of $59.79. The firm has a market cap of $13.53 billion, a P/E ratio of 295.22 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. The firm had revenue of $170.00 million during the quarter, compared to analysts’ expectations of $159.59 million. During the same period in the previous year, the business earned $0.07 earnings per share. The firm’s revenue for the quarter was up 179.6% on a year-over-year basis. On average, research analysts forecast that Credo Technology Group will post 0.13 earnings per share for the current year.

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.