Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Analysts give Credo a consensus rating of Moderate Buy from 19 firms (14 buys, 2 strong buys, 3 holds) with an average 12‑month target price of about $207.71.
• Insider selling has been notable: CFO Daniel Fleming and director James Laufman sold shares in April, and insiders disposed of 359,108 shares (~$45.45M) in the last 90 days, though insiders still own 11.84% of the stock.
• Credo recently beat estimates, reporting Q EPS of $1.07 vs. $0.78 expected and revenue of $407.0M vs. $385.9M (revenue +201.5% YoY); the stock trades at a $34.01B market cap with a P/E of 102.43.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) has been given a consensus rating of "Moderate Buy" by the nineteen research firms that are currently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $207.7059.

A number of research firms have commented on CRDO. Zacks Research lowered Credo Technology Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. Needham & Company LLC reissued a "buy" rating and set a $220.00 price objective on shares of Credo Technology Group in a research report on Wednesday, April 15th. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research report on Friday. They set a "buy" rating and a $206.00 price objective on the stock. Mizuho reduced their price objective on shares of Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 3rd. Finally, Jefferies Financial Group initiated coverage on shares of Credo Technology Group in a research report on Monday, April 13th. They set a "buy" rating and a $175.00 price objective on the stock.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $152.63, for a total transaction of $1,156,935.40. Following the sale, the chief financial officer directly owned 433,678 shares of the company's stock, valued at approximately $66,192,273.14. The trade was a 1.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $164.41, for a total value of $1,644,100.00. Following the sale, the insider directly owned 198,609 shares in the company, valued at approximately $32,653,305.69. The trade was a 4.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 359,108 shares of company stock worth $45,449,126. Insiders own 11.84% of the company's stock.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Atlantic Union Bankshares Corp purchased a new stake in shares of Credo Technology Group in the third quarter worth $25,000. Crewe Advisors LLC grew its stake in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock worth $25,000 after acquiring an additional 106 shares during the last quarter. Reflection Asset Management purchased a new stake in shares of Credo Technology Group in the fourth quarter worth $25,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group in the fourth quarter worth $25,000. Finally, First Horizon Corp purchased a new stake in shares of Credo Technology Group in the third quarter worth $26,000. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Price Performance

Shares of CRDO opened at $184.38 on Monday. The firm has a fifty day simple moving average of $125.98 and a two-hundred day simple moving average of $139.49. The stock has a market capitalization of $34.01 billion, a P/E ratio of 102.43 and a beta of 3.17. Credo Technology Group has a twelve month low of $45.65 and a twelve month high of $213.80.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating analysts' consensus estimates of $0.78 by $0.29. The business had revenue of $407.01 million during the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.Credo Technology Group's quarterly revenue was up 201.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.25 EPS. Sell-side analysts expect that Credo Technology Group will post 2.36 EPS for the current fiscal year.

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.

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