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

Credo Technology Group (NASDAQ:CRDO)‘s stock had its “neutral” rating reaffirmed by research analysts at Rosenblatt Securities in a report released on Monday,Benzinga reports. They currently have a $215.00 target price on the stock. Rosenblatt Securities’ target price would indicate a potential downside of 6.75% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Barclays lifted their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Jefferies Financial Group increased their price objective on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Stifel Nicolaus raised their target price on Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. Rothschild & Co Redburn started coverage on Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 target price on the stock. Finally, Evercore started coverage on Credo Technology Group in a research report on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $268.39.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $230.57 on Monday. The company’s 50 day moving average price is $241.50 and its two-hundred day moving average price is $183.05. The firm has a market capitalization of $43.00 billion, a P/E ratio of 92.97, a P/E/G ratio of 1.05 and a beta of 3.23. 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 announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.Credo Technology Group’s revenue was up 157.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.20 EPS. On average, analysts expect that Credo Technology Group will post 4.84 earnings per share for the current year.

Insider Activity

In other news, COO Yat Tung Lam sold 55,441 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $213.02, for a total value of $11,810,041.82. Following the transaction, the chief operating officer directly owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. The trade was a 2.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $218.57, for a total value of $12,017,852.88. Following the sale, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at $80,286,662.39. This represents a 13.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 435,076 shares of company stock worth $101,043,506 in the last three months. Corporate insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the business. California State Teachers Retirement System grew its position in shares of Credo Technology Group by 28,062.9% during the 2nd quarter. California State Teachers Retirement System now owns 67,840,375 shares of the company’s stock worth $18,449,190,000 after buying an additional 67,599,489 shares during the period. Corient Private Wealth LLC boosted its stake in Credo Technology Group by 239,024.5% during the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after acquiring an additional 3,597,318 shares in the last quarter. Amundi grew its holdings in Credo Technology Group by 28,478.2% in the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after purchasing an additional 1,554,338 shares during the period. Janus Henderson Group PLC grew its holdings in Credo Technology Group by 841.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock worth $228,979,000 after purchasing an additional 1,422,391 shares during the period. Finally, Bank of America Corp DE increased its stake in Credo Technology Group by 161.5% in the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after purchasing an additional 1,406,752 shares in the last quarter. 80.46% of the stock is currently owned by 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.