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

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) have earned an average recommendation of “Buy” from the nineteen ratings firms that are currently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $210.6471.

A number of research analysts have issued reports on the stock. Rosenblatt Securities increased their target price on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Roth Mkm dropped their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. Rothschild & Co Redburn began coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They set a “buy” rating and a $206.00 price objective for the company. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. Finally, Stifel Nicolaus set a $250.00 price objective on shares of Credo Technology Group in a research note on Wednesday.

Credo Technology Group Trading Up 0.5%

Shares of Credo Technology Group stock opened at $222.35 on Friday. Credo Technology Group has a 12-month low of $59.21 and a 12-month high of $233.70. The stock has a market cap of $41.01 billion, a PE ratio of 123.53 and a beta of 3.17. The company has a 50-day moving average of $155.48 and a two-hundred day moving average of $144.34.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. During the same period last year, the company posted $0.25 earnings per share. The firm’s quarterly revenue was up 201.5% compared to the same quarter last year. On average, sell-side analysts forecast that Credo Technology Group will post 2.36 EPS for the current fiscal year.

Insider Buying and Selling

In other Credo Technology Group news, CEO William Joseph Brennan sold 6,149 shares of the stock in a transaction on Sunday, April 5th. The stock was sold at an average price of $101.45, for a total transaction of $623,816.05. Following the sale, the chief executive officer owned 222,311 shares in the company, valued at approximately $22,553,450.95. This represents a 2.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $152.63, for a total value of $1,156,935.40. Following the sale, the chief financial officer owned 433,678 shares in the company, valued at approximately $66,192,273.14. This trade represents a 1.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 386,608 shares of company stock worth $50,371,351 in the last 90 days. Corporate insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of the stock. Glenmede Trust Co. NA grew its holdings in Credo Technology Group by 2.0% during the 1st quarter. Glenmede Trust Co. NA now owns 5,706 shares of the company’s stock valued at $536,000 after buying an additional 114 shares during the last quarter. Segall Bryant & Hamill LLC grew its holdings in Credo Technology Group by 12.7% during the 1st quarter. Segall Bryant & Hamill LLC now owns 111,621 shares of the company’s stock valued at $10,478,000 after buying an additional 12,616 shares during the last quarter. Verus Capital Partners LLC acquired a new stake in Credo Technology Group during the 1st quarter valued at $506,000. Western Wealth Management LLC acquired a new stake in Credo Technology Group during the 1st quarter valued at $38,000. Finally, Edgestream Partners L.P. grew its holdings in Credo Technology Group by 28.4% during the 1st quarter. Edgestream Partners L.P. now owns 22,168 shares of the company’s stock valued at $2,081,000 after buying an additional 4,904 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.