Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Receives $216.54 Consensus PT from Analysts

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) have received a consensus recommendation of “Buy” from the fifteen brokerages that are currently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $216.5385.

A number of research firms have weighed in on CRDO. TD Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Needham & Company LLC raised their target price on Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Barclays restated an “overweight” rating and issued a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th. JPMorgan Chase & Co. initiated coverage on Credo Technology Group in a research report on Friday, October 17th. They set an “overweight” rating and a $165.00 price target on the stock. Finally, Mizuho raised their price objective on Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, December 2nd.

Insider Activity at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 3,902 shares of Credo Technology Group stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $140.15, for a total value of $546,865.30. Following the sale, the chief financial officer owned 446,178 shares in the company, valued at $62,531,846.70. This trade represents a 0.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William Joseph Brennan sold 9,476 shares of the company’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $139.54, for a total transaction of $1,322,281.04. Following the transaction, the chief executive officer owned 270,641 shares of the company’s stock, valued at approximately $37,765,245.14. This trade represents a 3.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 970,476 shares of company stock worth $149,681,763 over the last 90 days. 11.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently bought and sold shares of CRDO. Atlantic Union Bankshares Corp purchased a new position in shares of Credo Technology Group in the third quarter valued at approximately $25,000. Crewe Advisors LLC raised its stake in Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the last quarter. First Horizon Corp acquired a new position in Credo Technology Group in the 3rd quarter valued at $26,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in Credo Technology Group in the 2nd quarter valued at $27,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in Credo Technology Group during the 4th quarter worth $32,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Trading Down 3.9%

Shares of NASDAQ:CRDO opened at $128.02 on Friday. Credo Technology Group has a 12-month low of $29.09 and a 12-month high of $213.80. The business has a 50 day moving average of $151.21 and a two-hundred day moving average of $141.32. The company has a market capitalization of $23.12 billion, a PE ratio of 112.30 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. During the same period in the previous year, the firm earned $0.07 EPS. The business’s quarterly revenue was up 272.1% on a year-over-year basis. Equities research analysts predict that Credo Technology Group will post 0.13 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.