Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Stock Has Consensus Target Price of $262.67 According to Analysts

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) have received an average rating of “Moderate Buy” from the eighteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, fourteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $262.67.

Several research analysts have issued reports on CRDO shares. Mizuho dropped their target price on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating on the stock in a report on Monday, September 21st. TD Cowen raised their price objective on Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, August 18th. Barclays lifted their target price on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Bank of America reduced their target price on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating for the company in a report on Wednesday, September 2nd. Finally, JPMorgan Chase & Co. reduced their target price on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a report on Wednesday, September 2nd.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $150.99 on Monday. The company’s 50-day moving average price is $188.40 and its 200-day moving average price is $180.84. The stock has a market cap of $28.38 billion, a PE ratio of 53.73, a PEG ratio of 0.60 and a beta of 3.29. Credo Technology Group has a 12 month low of $86.49 and a 12 month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. The business had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The company’s quarterly revenue was up 114.7% compared to the same quarter last year. During the same period last year, the company posted $0.52 earnings per share. As a group, sell-side analysts forecast that Credo Technology Group will post 5.02 earnings per share for the current year.

Insider Activity at Credo Technology Group

In other news, insider James Laufman sold 5,000 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $205.00, for a total transaction of $1,025,000.00. Following the sale, the insider owned 164,223 shares in the company, valued at approximately $33,665,715. The trade was a 2.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chi Cheng sold 27,500 shares of the stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $164.12, for a total transaction of $4,513,300.00. Following the completion of the transaction, the chief technology officer directly owned 5,552,397 shares of the company’s stock, valued at $911,259,395.64. The trade was a 0.49% decrease in their ownership of the stock. 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 352,538 shares of company stock valued at $67,200,077 over the last three months. Company insiders own 9.06% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently bought and sold shares of CRDO. Atreides Management LP acquired a new position in shares of Credo Technology Group in the 1st quarter valued at $102,434,000. The Manufacturers Life Insurance Company raised its stake in Credo Technology Group by 192.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock worth $98,290,000 after acquiring an additional 688,596 shares during the last quarter. H&H International Investment LLC lifted its position in Credo Technology Group by 431.6% during the 1st quarter. H&H International Investment LLC now owns 751,200 shares of the company’s stock worth $70,515,000 after acquiring an additional 609,900 shares during the period. Oaktree Capital Management LP acquired a new stake in Credo Technology Group during the 1st quarter worth about $50,596,000. Finally, Danica Pension Livsforsikringsaktieselskab acquired a new stake in Credo Technology Group during the 1st quarter worth about $44,302,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

About Credo Technology Group

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.