Credo Technology Group (NASDAQ:CRDO) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen lowered shares of Credo Technology Group (NASDAQ:CRDO) from a buy rating to a hold rating in a report issued on Saturday morning.

Several other analysts have also issued reports on CRDO. Needham & Company LLC upped their price objective on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Weiss Ratings raised Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Evercore began coverage on Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. Mizuho raised their price target on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a report on Tuesday, June 2nd. Finally, Susquehanna lifted their price objective on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $266.17.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $206.99 on Friday. The firm has a market capitalization of $38.60 billion, a PE ratio of 83.46, a P/E/G ratio of 0.95 and a beta of 3.20. The company’s 50-day moving average is $236.60 and its 200-day moving average is $171.84. Credo Technology Group has a fifty-two week low of $86.49 and a fifty-two week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. During the same period in the prior year, the firm earned $0.20 EPS. Credo Technology Group’s quarterly revenue was up 157.0% compared to the same quarter last year. As a group, analysts expect that Credo Technology Group will post 4.84 EPS for the current year.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $205.54, for a total transaction of $5,652,350.00. Following the completion of the sale, the chief technology officer owned 5,799,870 shares in the company, valued at $1,192,105,279.80. The trade was a 0.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the transaction, the chief financial officer directly owned 504,708 shares in the company, valued at $124,097,603.04. The trade was a 1.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 302,162 shares of company stock valued at $72,810,546. Corporate insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CRDO. NewEdge Advisors LLC boosted its position in shares of Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after acquiring an additional 3,972 shares during the period. Goldman Sachs Group Inc. increased its position in Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after acquiring an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Credo Technology Group by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after purchasing an additional 7,107 shares in the last quarter. CW Advisors LLC acquired a new stake in Credo Technology Group in the 2nd quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Credo Technology Group by 198.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after purchasing an additional 333 shares during the period. Institutional investors own 80.46% of the company’s stock.

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.