Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Stock Now Rated “Moderate Buy” by Wall Street Analysts

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) have earned a consensus rating of “Moderate Buy” from the eighteen research firms that are currently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, fourteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $262.67.

Several equities analysts have recently weighed in on CRDO shares. TD Cowen raised their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, August 18th. Rosenblatt Securities upped their price objective on shares of Credo Technology Group from $215.00 to $235.00 and gave the company a “neutral” rating in a research note on Wednesday, September 2nd. Mizuho cut their price objective on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating for the company in a report on Monday, September 21st. Stifel Nicolaus decreased their target price on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Evercore set a $292.00 price objective on Credo Technology Group in a research note on Wednesday, September 2nd.

Credo Technology Group Stock Performance

Shares of CRDO opened at $220.01 on Thursday. Credo Technology Group has a one year low of $86.49 and a one year high of $308.67. The stock has a market capitalization of $41.35 billion, a price-to-earnings ratio of 78.30, a PEG ratio of 0.88 and a beta of 3.25. The stock has a 50 day moving average price of $208.72 and a 200 day moving average price of $200.98.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The firm had revenue of $479.00 million during the quarter, compared to the consensus estimate of $473.30 million. During the same period in the prior year, the company earned $0.52 EPS. The firm’s revenue was up 114.7% compared to the same quarter last year. On average, analysts predict that Credo Technology Group will post 5.02 earnings per share for the current year.

Insider Activity at Credo Technology Group

In related news, CTO Chi Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $221.48, for a total value of $6,090,700.00. Following the completion of the sale, the chief technology officer owned 5,634,897 shares in the company, valued at approximately $1,248,016,987.56. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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, insider James Laufman sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $205.00, for a total value of $1,025,000.00. Following the completion of the sale, the insider directly owned 164,223 shares in the company, valued at approximately $33,665,715. The trade was a 2.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 428,376 shares of company stock valued at $87,012,128 over the last 90 days. Insiders own 9.06% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently modified their holdings of the company. City Center Advisors LLC increased its position in Credo Technology Group by 2.1% in the 2nd quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock valued at $706,000 after acquiring an additional 53 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Credo Technology Group by 8.0% during the second quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock worth $205,000 after purchasing an additional 56 shares in the last quarter. QRG Capital Management Inc. lifted its position in shares of Credo Technology Group by 1.7% during the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock worth $507,000 after purchasing an additional 91 shares in the last quarter. Bank of Nova Scotia grew its stake in shares of Credo Technology Group by 1.6% during the first quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock valued at $566,000 after purchasing an additional 92 shares during the last quarter. Finally, Orion Capital Management LLC bought a new stake in shares of Credo Technology Group during the second quarter valued at approximately $27,000. 80.46% of the stock is owned by institutional investors and hedge funds.

About Credo Technology Group

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.

The company’s product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.