Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Stock Has Average Target Price of $264.89 According to Analysts

Key Points

• Analysts maintain a positive outlook: Eighteen brokerages give Credo Technology Group a consensus “Moderate Buy” rating, with an average 12-month price target of $264.89.
• Recent results exceeded expectations: Credo reported quarterly EPS of $1.20 versus the $1.17 consensus estimate and revenue of $479 million, up 114.7% year over year.
• Insiders have been selling shares: Company insiders sold 357,246 shares worth approximately $73.8 million over the past 90 days, while institutional investors own 80.46% of the stock.

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) have received a consensus rating of "Moderate Buy" from the eighteen brokerages that are presently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $264.89.

A number of brokerages have recently issued reports on CRDO. TD Cowen increased their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a "buy" rating in a report on Tuesday, August 18th. Stifel Nicolaus upped their target price on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a "buy" rating in a research report on Monday, June 22nd. Bank of America lowered their target price on shares of Credo Technology Group from $340.00 to $275.00 and set a "buy" rating on the stock in a research report on Wednesday, September 2nd. Evercore set a $292.00 target price on shares of Credo Technology Group in a report on Wednesday, September 2nd. Finally, Rosenblatt Securities lifted their price target on shares of Credo Technology Group from $215.00 to $235.00 and gave the company a "neutral" rating in a research report on Wednesday, September 2nd.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $194.79 on Thursday. The business's fifty day moving average price is $207.63 and its 200 day moving average price is $197.22. The firm has a market capitalization of $36.61 billion, a PE ratio of 69.32, a P/E/G ratio of 0.77 and a beta of 3.22. Credo Technology Group has a 1-year low of $86.49 and a 1-year high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating analysts' consensus estimates of $1.17 by $0.03. The company had revenue of $479.00 million during the quarter, compared to the consensus estimate of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.Credo Technology Group's quarterly revenue was up 114.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 earnings per share. Equities research analysts expect that Credo Technology Group will post 5.02 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CEO William Brennan sold 16,672 shares of the business's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $151.88, for a total transaction of $2,532,143.36. Following the sale, the chief executive officer directly owned 1,600,830 shares in the company, valued at approximately $243,134,060.40. The trade was a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Lam sold 55,441 shares of the firm's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total value of $11,810,041.82. Following the completion of the transaction, the chief operating officer owned 2,529,169 shares of the company's stock, valued at approximately $538,763,580.38. This represents a 2.15% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 357,246 shares of company stock valued at $73,830,784 in the last ninety days. Corporate insiders own 9.06% of the company's stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently made changes to their positions in CRDO. California State Teachers Retirement System grew its position 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 purchasing an additional 5,113 shares during the last quarter. Corsair Capital Management L.P. purchased a new position in shares of Credo Technology Group during the 1st quarter worth approximately $469,000. Lazard Asset Management LLC raised its position in shares of Credo Technology Group by 55.6% during the 1st quarter. Lazard Asset Management LLC now owns 67,051 shares of the company's stock worth $6,294,000 after purchasing an additional 23,949 shares during the last quarter. Quantinno Capital Management LP raised its position in shares of Credo Technology Group by 68.4% during the 1st quarter. Quantinno Capital Management LP now owns 34,124 shares of the company's stock worth $3,203,000 after purchasing an additional 13,859 shares during the last quarter. Finally, Estuary Capital Management LP lifted its stake in Credo Technology Group by 87.4% in the 1st quarter. Estuary Capital Management LP now owns 412,227 shares of the company's stock valued at $38,696,000 after buying an additional 192,218 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

About Credo Technology Group

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.

The company's product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.

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