Credo Technology Group’s (CRDO) Neutral Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities restated their neutral rating on shares of Credo Technology Group (NASDAQ:CRDO) in a research report sent to investors on Monday,Benzinga reports. They currently have a $125.00 target price on the stock.

Other research analysts also recently issued research reports about the stock. Wolfe Research set a $240.00 price target on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Roth Mkm reduced their price objective on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price objective on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Barclays reiterated an “overweight” rating and set a $260.00 target price on shares of Credo Technology Group in a research note on Thursday, January 15th. Finally, The Goldman Sachs Group set a $165.00 target price on Credo Technology Group and gave the company a “buy” rating in a report on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus target price of $206.33.

Credo Technology Group Price Performance

CRDO stock opened at $103.91 on Monday. The firm has a market capitalization of $19.17 billion, a P/E ratio of 57.73 and a beta of 2.67. The business’s 50-day moving average is $120.00 and its two-hundred day moving average is $141.93. Credo Technology Group has a 1 year low of $29.09 and a 1 year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The business had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. During the same quarter last year, the business posted $0.25 EPS. The business’s quarterly revenue was up 201.5% compared to the same quarter last year. On average, analysts expect that Credo Technology Group will post 0.13 EPS for the current year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, December 29th. The shares were sold at an average price of $143.41, for a total transaction of $7,887,550.00. Following the sale, the chief technology officer owned 6,448,961 shares of the company’s stock, valued at approximately $924,845,497.01. This trade represents a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $127.69, for a total transaction of $6,384,500.00. Following the sale, the chief executive officer owned 1,832,502 shares of the company’s stock, valued at $233,992,180.38. This represents a 2.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 426,101 shares of company stock worth $56,010,645 over the last quarter. 11.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Credo Technology Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after purchasing an additional 59,849 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Credo Technology Group by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock valued at $1,121,118,000 after purchasing an additional 1,190,522 shares during the last quarter. State Street Corp lifted its holdings in shares of Credo Technology Group by 23.4% in the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock valued at $645,537,000 after purchasing an additional 849,654 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Credo Technology Group by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after purchasing an additional 184,676 shares during the period. Finally, Corient Private Wealth LLC boosted its position in shares of Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after purchasing an additional 3,597,318 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.