Brokerages Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) PT at $23.00

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has received an average recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $24.25.

A number of equities research analysts have recently commented on the stock. Craig Hallum lifted their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday. TD Cowen lifted their price target on shares of Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a research report on Wednesday, February 28th. Mizuho reaffirmed a “buy” rating and set a $30.00 price target (up from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. Finally, The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th.

Insider Buying and Selling

In related news, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of Credo Technology Group stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $22.03, for a total value of $327,872.49. Following the completion of the sale, the general counsel now owns 218,249 shares in the company, valued at $4,808,025.47. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Credo Technology Group news, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of the business’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $22.03, for a total transaction of $327,872.49. Following the completion of the sale, the general counsel now owns 218,249 shares in the company, valued at $4,808,025.47. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 130,000 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $21.33, for a total transaction of $2,772,900.00. Following the sale, the chief operating officer now owns 2,270,000 shares of the company’s stock, valued at approximately $48,419,100. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,816,218 shares of company stock worth $40,044,857. Insiders own 23.89% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors have recently modified their holdings of the company. Royal Bank of Canada acquired a new stake in Credo Technology Group in the first quarter worth about $26,000. Ameritas Investment Partners Inc. acquired a new stake in Credo Technology Group in the first quarter worth about $26,000. Advisors Asset Management Inc. lifted its holdings in Credo Technology Group by 295.9% in the third quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock worth $28,000 after purchasing an additional 1,376 shares during the period. Altshuler Shaham Ltd acquired a new stake in Credo Technology Group in the 4th quarter valued at about $40,000. Finally, KBC Group NV acquired a new stake in Credo Technology Group in the 4th quarter valued at about $43,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

CRDO stock opened at $17.99 on Friday. Credo Technology Group has a one year low of $7.20 and a one year high of $23.90. The stock has a market capitalization of $2.94 billion, a PE ratio of -78.22 and a beta of 1.97. The company has a fifty day moving average of $21.46 and a 200-day moving average of $19.18.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.03 by $0.01. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The firm had revenue of $53.06 million during the quarter, compared to analysts’ expectations of $51.91 million. During the same quarter last year, the business earned $0.02 earnings per share. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. Equities analysts forecast that Credo Technology Group will post -0.12 earnings per share for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP.