Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) have earned an average rating of “Moderate Buy” from the fifteen ratings firms that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $212.6923.

CRDO has been the subject of several research reports. Wolfe Research set a $240.00 price objective on Credo Technology Group in a research note on Tuesday, December 2nd. New Street Research set a $240.00 price target on Credo Technology Group in a research report on Tuesday, December 2nd. Roth Mkm decreased their price objective on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Barclays reaffirmed an “overweight” rating and set a $260.00 target price on shares of Credo Technology Group in a research note on Thursday, January 15th. Finally, Rosenblatt Securities began coverage on shares of Credo Technology Group in a research report on Wednesday, January 21st. They issued a “neutral” rating and a $170.00 target price for the company.

Insider Buying and Selling

In related news, Director Sylvia Acevedo sold 2,200 shares of the stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $159.18, for a total value of $350,196.00. Following the completion of the sale, the director owned 18,545 shares of the company’s stock, valued at approximately $2,951,993.10. This trade represents a 10.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 3,902 shares of the business’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $140.15, for a total value of $546,865.30. Following the transaction, the chief financial officer directly owned 446,178 shares in the company, valued at $62,531,846.70. This trade represents a 0.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 917,976 shares of company stock worth $136,567,647 in the last 90 days. Corporate insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. NewEdge Advisors LLC increased its position in Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after buying an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after buying an additional 7,107 shares during the period. CWM LLC lifted its holdings in Credo Technology Group by 8.2% in the second quarter. CWM LLC now owns 8,509 shares of the company’s stock valued at $788,000 after acquiring an additional 645 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in Credo Technology Group in the second quarter worth approximately $216,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Up 2.8%

CRDO opened at $124.80 on Wednesday. The firm’s fifty day simple moving average is $137.46 and its two-hundred day simple moving average is $143.39. Credo Technology Group has a 52-week low of $29.09 and a 52-week high of $213.80. The company has a market cap of $22.54 billion, a price-to-earnings ratio of 109.47 and a beta of 2.65.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.07 earnings per share. On average, research analysts forecast that Credo Technology Group will post 0.13 EPS for the current year.

About Credo Technology Group

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.