Credo Technology Group Holding Ltd (NASDAQ:CRDO) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been assigned an average recommendation of “Moderate Buy” from the eight analysts that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $30.38.

A number of equities analysts have recently commented on the company. Stifel Nicolaus lifted their target price on Credo Technology Group from $30.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Needham & Company LLC raised their price objective on Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Barclays increased their target price on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Craig Hallum increased their price objective on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, April 15th. Finally, Bank of America restated an “underperform” rating and set a $22.00 price target (up previously from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th.

Insiders Place Their Bets

In related news, CEO William Joseph Brennan sold 15,000 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $17.15, for a total transaction of $257,250.00. Following the completion of the sale, the chief executive officer now directly owns 2,962,500 shares of the company’s stock, valued at approximately $50,806,875. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $17.15, for a total value of $257,250.00. Following the completion of the transaction, the chief executive officer now owns 2,962,500 shares in the company, valued at $50,806,875. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $17.50, for a total value of $175,000.00. Following the sale, the chief operating officer now owns 3,143,738 shares of the company’s stock, valued at approximately $55,015,415. The disclosure for this sale can be found here. Insiders sold 936,678 shares of company stock valued at $26,102,844 in the last three months. 23.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Credo Technology Group by 7.7% during the first quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock worth $319,202,000 after acquiring an additional 1,072,301 shares during the period. Jennison Associates LLC grew its holdings in Credo Technology Group by 1.9% in the first quarter. Jennison Associates LLC now owns 2,375,255 shares of the company’s stock valued at $50,332,000 after purchasing an additional 45,396 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of Credo Technology Group in the fourth quarter valued at about $35,224,000. AMF Tjanstepension AB increased its position in Credo Technology Group by 31.8% during the 1st quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock worth $36,302,000 after purchasing an additional 413,149 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Credo Technology Group by 3.4% in the 1st quarter. Principal Financial Group Inc. now owns 1,631,832 shares of the company’s stock worth $34,579,000 after acquiring an additional 53,432 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $28.58 on Tuesday. The company’s fifty day moving average price is $27.84 and its 200-day moving average price is $22.99. The company has a market capitalization of $4.72 billion, a price-to-earnings ratio of -158.78 and a beta of 2.24. Credo Technology Group has a one year low of $13.38 and a one year high of $33.96.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Wednesday, May 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). The company had revenue of $60.78 million for the quarter, compared to the consensus estimate of $60.50 million. Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.51%. Equities research analysts expect that Credo Technology Group will post 0.07 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.