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

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) have earned a consensus recommendation of “Moderate Buy” from the nineteen analysts that are currently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $207.7059.

Several research analysts have recently weighed in on CRDO shares. Rosenblatt Securities boosted their price target on Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Rothschild & Co Redburn started coverage on Credo Technology Group in a research note on Friday. They issued a “buy” rating and a $206.00 price target for the company. Stifel Nicolaus set a $200.00 price target on Credo Technology Group in a research note on Tuesday, March 3rd. Roth Mkm reduced their price target on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Finally, Barclays reiterated an “overweight” rating and issued a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th.

Insider Transactions at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 433,678 shares in the company, valued at $66,192,273.14. The trade was a 1.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $179.33, for a total transaction of $4,931,575.00. Following the completion of the sale, the chief technology officer owned 6,052,370 shares of the company’s stock, valued at $1,085,371,512.10. This represents a 0.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 359,108 shares of company stock valued at $45,449,126. Company insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the company. Crewe Advisors LLC boosted its stake in shares of Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after buying an additional 106 shares during the last quarter. Reflection Asset Management bought a new position in shares of Credo Technology Group in the 4th quarter worth approximately $25,000. Atlantic Union Bankshares Corp bought a new position in shares of Credo Technology Group in the 3rd quarter worth approximately $25,000. Acumen Wealth Advisors LLC bought a new position in shares of Credo Technology Group in the 4th quarter worth approximately $25,000. Finally, First Horizon Corp bought a new position in shares of Credo Technology Group in the 3rd quarter worth approximately $26,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $184.38 on Monday. The firm’s 50 day moving average price is $125.98 and its 200-day moving average price is $139.49. The company has a market cap of $34.01 billion, a PE ratio of 102.43 and a beta of 3.17. Credo Technology Group has a 52-week low of $45.65 and a 52-week high of $213.80.

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, topping the consensus estimate of $0.78 by $0.29. The firm had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business’s revenue was up 201.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.25 earnings per share. On average, analysts forecast that Credo Technology Group will post 2.36 earnings per share for the current fiscal year.

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.