Credo Technology Group (NASDAQ:CRDO) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Credo Technology Group (NASDAQ:CRDO) from a buy rating to a hold rating in a research note issued to investors on Saturday.

CRDO has been the subject of a number of other research reports. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 price objective for the company. Bank of America upped their target price on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Needham & Company LLC increased their price target on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Susquehanna raised their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Finally, Stifel Nicolaus lifted their price objective on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a report on Monday, June 22nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $266.17.

Credo Technology Group Stock Up 5.5%

Shares of CRDO opened at $218.35 on Friday. Credo Technology Group has a 12-month low of $86.49 and a 12-month high of $308.67. The firm has a market capitalization of $40.72 billion, a price-to-earnings ratio of 88.04, a P/E/G ratio of 0.95 and a beta of 3.23. The stock’s 50-day moving average price is $236.60 and its 200 day moving average price is $172.35.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data 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. The business had revenue of $437.00 million for 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 quarterly revenue was up 157.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.20 earnings per share. Equities research analysts expect that Credo Technology Group will post 4.84 EPS for the current year.

Insider Activity

In related news, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer owned 504,708 shares in the company, valued at $124,097,603.04. This trade represents a 1.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $205.54, for a total transaction of $5,652,350.00. Following the completion of the transaction, the chief technology officer owned 5,799,870 shares in the company, valued at approximately $1,192,105,279.80. This trade represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 302,162 shares of company stock worth $72,810,546. 11.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. grew its holdings in Credo Technology Group by 9.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock valued at $39,004,000 after buying an additional 23,332 shares in the last quarter. FengHe Fund Management Pte. Ltd. boosted its position in shares of Credo Technology Group by 5.7% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after acquiring an additional 8,769 shares during the period. M&T Bank Corp boosted its position in shares of Credo Technology Group by 428.8% in the fourth quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock valued at $1,932,000 after acquiring an additional 10,888 shares during the period. California State Teachers Retirement System grew its stake in shares of Credo Technology Group by 2.2% in the first quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock valued at $22,612,000 after acquiring an additional 5,113 shares in the last quarter. Finally, Teacher Retirement System of Texas grew its stake in shares of Credo Technology Group by 486.2% in the fourth quarter. Teacher Retirement System of Texas now owns 239,721 shares of the company’s stock valued at $34,493,000 after acquiring an additional 198,826 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.