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

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) have been given an average rating of “Moderate Buy” by the sixteen brokerages that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $206.8462.

CRDO has been the topic of several recent research reports. KGI Securities upgraded Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target on the stock in a report on Tuesday. Cowen restated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday. New Street Research set a $240.00 price target on shares of Credo Technology Group in a research report on Tuesday. Stifel Nicolaus set a $160.00 price target on shares of Credo Technology Group in a research note on Wednesday, October 1st. Finally, JPMorgan Chase & Co. assumed coverage on shares of Credo Technology Group in a research note on Friday, October 17th. They issued an “overweight” rating and a $165.00 price objective on the stock.

Credo Technology Group Price Performance

CRDO opened at $180.92 on Friday. The stock has a market capitalization of $32.68 billion, a P/E ratio of 158.70 and a beta of 2.63. The company’s 50 day simple moving average is $154.55 and its 200-day simple moving average is $122.52. Credo Technology Group has a one year low of $29.09 and a one year high of $213.80.

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

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 112,580 shares of Credo Technology Group stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $138.20, for a total transaction of $15,558,556.00. Following the completion of the sale, the chief financial officer directly owned 458,678 shares of the company’s stock, valued at $63,389,299.60. The trade was a 19.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Yat Tung Lam sold 80,000 shares of the stock in a transaction dated 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 transaction, the chief operating officer directly owned 920,000 shares in the company, valued at $132,047,600. The trade was a 8.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 959,371 shares of company stock worth $147,090,265 in the last three months. Insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Operose Advisors LLC raised its position in shares of 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 purchasing an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Credo Technology Group in the 1st quarter valued at approximately $25,000. Atlantic Union Bankshares Corp bought a new stake in Credo Technology Group during the 3rd quarter worth approximately $25,000. First Horizon Corp acquired a new stake in Credo Technology Group during the 3rd quarter worth approximately $26,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in Credo Technology Group in the second quarter valued at approximately $27,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.