Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Receives $87.91 Consensus Price Target from Brokerages

Key Points

• Credo Technology Group Holding Ltd. has received an average analyst recommendation of "Buy", with twelve analysts rating it as a buy and one as a strong buy.
• The stock's average twelve-month price target among analysts is $87.91, with some recent adjustments up to $115.00 by Stifel Nicolaus.
• The company posted a significant revenue increase of 179.6% year-over-year, with earnings per share (EPS) reported at $0.35 for the latest quarter.

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) have been given an average rating of "Buy" by the thirteen analysts that are currently covering the stock, Marketbeat reports. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $87.9091.

CRDO has been the topic of a number of research analyst reports. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Roth Capital set a $95.00 target price on shares of Credo Technology Group and gave the stock a "buy" rating in a research report on Friday, June 13th. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Wall Street Zen lowered Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Finally, TD Cowen boosted their target price on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a report on Wednesday, June 18th.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 59,641 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $74.96, for a total value of $4,470,689.36. Following the sale, the chief technology officer owned 7,603,961 shares of the company's stock, valued at $569,992,916.56. The trade was a 0.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lip Bu Tan sold 171,473 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $77.90, for a total value of $13,357,746.70. Following the completion of the sale, the director owned 613,725 shares in the company, valued at $47,809,177.50. This trade represents a 21.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,021,264 shares of company stock valued at $86,032,061 over the last ninety days. 16.04% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in CRDO. Wolff Wiese Magana LLC grew its stake in Credo Technology Group by 200.0% during the second quarter. Wolff Wiese Magana LLC now owns 450 shares of the company's stock worth $42,000 after buying an additional 300 shares during the last quarter. Cullen Frost Bankers Inc. boosted its holdings in shares of Credo Technology Group by 278.4% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company's stock worth $44,000 after acquiring an additional 348 shares in the last quarter. Operose Advisors LLC grew its position in Credo Technology Group by 69.2% during the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after acquiring an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in Credo Technology Group in the 1st quarter valued at $25,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Credo Technology Group during the first quarter worth $27,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO traded up $7.14 during mid-day trading on Friday, hitting $114.70. The stock had a trading volume of 3,183,798 shares, compared to its average volume of 4,654,659. Credo Technology Group has a 12-month low of $22.50 and a 12-month high of $118.95. The company has a market cap of $19.69 billion, a PE ratio of 398.37, a P/E/G ratio of 1.93 and a beta of 2.59. The company's 50 day moving average is $88.52 and its 200-day moving average is $66.02.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. Credo Technology Group's revenue for the quarter was up 179.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.07 earnings per share. On average, equities research analysts predict that Credo Technology Group will post 0.13 EPS for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.