Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Receives $206.85 Consensus Price Target from Brokerages

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) have been given an average rating of “Buy” by the sixteen analysts that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $206.8462.

Several equities analysts have weighed in on the company. Needham & Company LLC raised their target price on Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Barclays boosted their target price on Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a report on Tuesday, December 2nd. Roth Capital upped their target price on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Wolfe Research set a $240.00 price target on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Finally, Stifel Nicolaus set a $160.00 price objective on shares of Credo Technology Group in a report on Wednesday, October 1st.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $148.08, for a total transaction of $8,144,400.00. Following the completion of the transaction, the chief technology officer directly owned 6,778,961 shares in the company, valued at $1,003,828,544.88. The trade was a 0.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 80,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $143.53, for a total value of $11,482,400.00. Following the completion of the sale, the chief operating officer directly owned 920,000 shares of the company’s stock, valued at $132,047,600. This represents a 8.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 904,371 shares of company stock worth $139,048,715. Company insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the company. Operose Advisors LLC grew its stake in Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after buying an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in Credo Technology Group during the 1st quarter valued at $25,000. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group during the 3rd quarter valued at $25,000. First Horizon Corp bought a new position in Credo Technology Group in the 3rd quarter valued at $26,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in shares of Credo Technology Group during the second quarter worth $27,000. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Stock Performance

Shares of CRDO opened at $176.04 on Friday. The firm has a market cap of $31.80 billion, a PE ratio of 154.42 and a beta of 2.63. The firm’s 50 day moving average price is $155.22 and its 200 day moving average price is $124.18. Credo Technology Group has a twelve month low of $29.09 and a twelve month high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping 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 company had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. During the same quarter in the prior year, the business posted $0.07 EPS. Credo Technology Group’s quarterly revenue was up 272.1% on a year-over-year basis. On average, sell-side analysts anticipate that Credo Technology Group will post 0.13 earnings per share for the current fiscal 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.