Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Receives $216.54 Consensus Price Target from Analysts

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) has received an average rating of “Buy” from the fifteen research firms that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $216.5385.

A number of equities research analysts recently issued reports on the company. Barclays restated an “overweight” rating and issued a $260.00 price objective on shares of Credo Technology Group in a research note on Thursday, January 15th. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, December 4th. Bank of America raised their price objective on shares of Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. New Street Research set a $240.00 price objective on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Finally, Mizuho increased their target price on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd.

Credo Technology Group Trading Down 3.2%

NASDAQ:CRDO opened at $125.28 on Friday. Credo Technology Group has a 12 month low of $29.09 and a 12 month high of $213.80. The firm’s 50 day moving average is $150.50 and its 200 day moving average is $141.56. The stock has a market capitalization of $22.63 billion, a PE ratio of 109.90 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. During the same period last year, the business posted $0.07 earnings per share. The business’s revenue for the quarter was up 272.1% on a year-over-year basis. Research analysts predict that Credo Technology Group will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other Credo Technology Group news, CEO William Joseph Brennan sold 9,476 shares of the firm’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $139.54, for a total value of $1,322,281.04. Following the completion of the transaction, the chief executive officer owned 270,641 shares in the company, valued at $37,765,245.14. This trade represents a 3.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel W. Fleming sold 3,902 shares of Credo Technology Group stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $140.15, for a total value of $546,865.30. Following the transaction, the chief financial officer directly owned 446,178 shares of the company’s stock, valued at $62,531,846.70. The trade was a 0.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 822,460 shares of company stock worth $124,493,784. Company insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Credo Technology Group by 0.4% in 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 period. JPMorgan Chase & Co. grew its position in Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after buying an additional 1,190,522 shares in the last quarter. Geode Capital Management LLC increased its stake in Credo Technology Group by 4.7% in the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock worth $334,740,000 after acquiring an additional 163,305 shares during the last quarter. Alliancebernstein L.P. increased its stake in Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after acquiring an additional 1,406,752 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.