Credo Technology Group (NASDAQ:CRDO) Coverage Initiated at Rosenblatt Securities

Research analysts at Rosenblatt Securities initiated coverage on shares of Credo Technology Group (NASDAQ:CRDO) in a research note issued to investors on Wednesday,Benzinga reports. The brokerage set a “neutral” rating and a $170.00 price target on the stock. Rosenblatt Securities’ target price points to a potential upside of 10.95% from the company’s current price.

CRDO has been the topic of a number of other research reports. Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Mizuho upped their price target on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd. Wall Street Zen upgraded Credo Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. KGI Securities upgraded Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 target price on the stock in a research note on Tuesday, December 2nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a research report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Credo Technology Group currently has a consensus rating of “Buy” and an average price target of $216.54.

Credo Technology Group Stock Up 1.5%

Shares of NASDAQ:CRDO opened at $153.22 on Wednesday. The business’s 50 day moving average is $152.39 and its 200 day moving average is $140.24. The stock has a market cap of $27.68 billion, a P/E ratio of 134.40 and a beta of 2.66. Credo Technology Group has a 52-week low of $29.09 and a 52-week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last posted 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. The business had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The company’s quarterly revenue was up 272.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.07 EPS. On average, sell-side analysts anticipate that Credo Technology Group will post 0.13 EPS for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, insider James Laufman sold 10,000 shares of the stock in a transaction that occurred on Wednesday, December 24th. The shares were sold at an average price of $150.00, for a total value of $1,500,000.00. Following the transaction, the insider owned 214,905 shares in the company, valued at approximately $32,235,750. This represents a 4.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Joseph Brennan sold 9,476 shares of the company’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $139.54, for a total transaction of $1,322,281.04. Following the completion of the sale, the chief executive officer directly owned 270,641 shares in the company, valued at $37,765,245.14. This trade represents a 3.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 995,476 shares of company stock valued at $154,189,463 over the last quarter. Company insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

Hedge funds have recently modified their holdings of the stock. Signaturefd LLC raised its position in Credo Technology Group by 28.5% during the fourth quarter. Signaturefd LLC now owns 948 shares of the company’s stock valued at $136,000 after acquiring an additional 210 shares in the last quarter. Stratos Wealth Partners LTD. increased its holdings in shares of Credo Technology Group by 1.8% during the 4th quarter. Stratos Wealth Partners LTD. now owns 77,852 shares of the company’s stock valued at $11,202,000 after purchasing an additional 1,389 shares in the last quarter. Sara Bay Financial lifted its stake in shares of Credo Technology Group by 15.0% in the 4th quarter. Sara Bay Financial now owns 2,300 shares of the company’s stock valued at $333,000 after purchasing an additional 300 shares during the period. Global Trust Asset Management LLC lifted its stake in shares of Credo Technology Group by 56.6% in the 4th quarter. Global Trust Asset Management LLC now owns 23,313 shares of the company’s stock valued at $3,355,000 after purchasing an additional 8,430 shares during the period. Finally, Crewe Advisors LLC grew its position in Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after buying an additional 106 shares during the period. 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.