Credo Technology Group (NASDAQ:CRDO) Now Covered by Analysts at The Goldman Sachs Group

The Goldman Sachs Group started coverage on shares of Credo Technology Group (NASDAQ:CRDO) in a research note issued to investors on Thursday, MarketBeat Ratings reports. The firm issued a buy rating and a $165.00 price target on the stock.

A number of other research firms also recently issued reports on CRDO. Rosenblatt Securities initiated coverage on shares of Credo Technology Group in a report on Wednesday, January 21st. They set a “neutral” rating and a $170.00 price objective on the stock. KGI Securities upgraded shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target on the stock in a report on Tuesday, December 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a research report on Monday, December 29th. Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $220.00 target price on shares of Credo Technology Group in a research note on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus price target of $209.29.

Credo Technology Group Stock Performance

CRDO stock opened at $124.06 on Thursday. The business has a 50-day simple moving average of $135.98 and a two-hundred day simple moving average of $143.25. The company has a market capitalization of $22.41 billion, a P/E ratio of 108.83 and a beta of 2.65. Credo Technology Group has a 52-week low of $29.09 and a 52-week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company’s quarterly revenue was up 272.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.07 earnings per share. As a group, sell-side analysts forecast that Credo Technology Group will post 0.13 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 370,000 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the completion of the transaction, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at approximately $61,276,000. This represents a 48.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $174.70, for a total value of $9,608,500.00. Following the completion of the sale, the chief technology officer owned 6,613,961 shares in the company, valued at approximately $1,155,458,986.70. The trade was a 0.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 917,976 shares of company stock worth $136,567,647. Insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently added to or reduced their stakes in CRDO. Corient Private Wealth LLC increased its stake in shares of Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after purchasing an additional 3,597,318 shares in the last quarter. Alberta Investment Management Corp purchased a new stake in shares of Credo Technology Group during the 4th quarter valued at approximately $4,000,000. Mercer Global Advisors Inc. ADV boosted its holdings in Credo Technology Group by 28.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 9,010 shares of the company’s stock worth $1,236,000 after buying an additional 2,001 shares during the period. Braeburn Wealth Management LLC purchased a new position in Credo Technology Group in the 4th quarter valued at approximately $702,000. Finally, Vident Advisory LLC raised its holdings in Credo Technology Group by 7.2% during the 4th quarter. Vident Advisory LLC now owns 3,776 shares of the company’s stock valued at $543,000 after acquiring an additional 252 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.