Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Receives $258.22 Consensus Target Price from Analysts

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) have been assigned an average rating of “Buy” from the nineteen analysts that are currently covering the company, MarketBeat Ratings 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 price target among brokers that have covered the stock in the last year is $263.1111.

Several brokerages have recently issued reports on CRDO. Craig Hallum reissued a “buy” rating and set a $200.00 price objective on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Bank of America increased their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Rothschild & Co Redburn began coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 price objective for the company. Evercore began coverage on shares of Credo Technology Group in a research report on Monday, June 22nd. They set an “outperform” rating and a $325.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their price objective on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 2nd.

Credo Technology Group Stock Up 3.2%

Shares of CRDO stock opened at $245.68 on Tuesday. The firm has a fifty day moving average of $214.77 and a 200-day moving average of $157.64. Credo Technology Group has a 12-month low of $84.25 and a 12-month high of $308.67. The company has a market capitalization of $45.81 billion, a price-to-earnings ratio of 99.06, a P/E/G ratio of 1.09 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the prior year, the firm earned $0.20 earnings per share. The firm’s revenue was up 157.0% compared to the same quarter last year. On average, equities analysts expect that Credo Technology Group will post 4.84 EPS for the current year.

Insider Activity at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 40,000 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the completion of the transaction, the chief financial officer owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. This trade represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Fariba Danesh sold 1,100 shares of the firm’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total transaction of $259,974.00. Following the completion of the transaction, the director directly owned 7,017 shares of the company’s stock, valued at approximately $1,658,397.78. This trade represents a 13.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 389,384 shares of company stock valued at $74,982,168 over the last three months. Insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Crewe Advisors LLC grew its position in Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares in the last quarter. Reflection Asset Management bought a new position in Credo Technology Group in the fourth quarter valued at $25,000. Acumen Wealth Advisors LLC bought a new position in Credo Technology Group in the fourth quarter valued at $25,000. Flagship Harbor Advisors LLC bought a new position in Credo Technology Group in the fourth quarter valued at $32,000. Finally, AlphaCentric Advisors LLC bought a new position in Credo Technology Group in the first quarter valued at $33,000. 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.