Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Receives Consensus Rating of "Buy" from Analysts

Key Points

• Credo Technology Group has a consensus analyst rating of “Buy”, based on coverage from 19 research firms, with most analysts rating the stock a buy or strong buy. The average 12-month price target is about $210.65.
• The company reported better-than-expected quarterly earnings, posting $1.07 EPS versus the $0.78 estimate and revenue of $407.01 million, up 201.5% year over year. Analysts currently forecast full-year EPS of 2.36.
• Despite bullish sentiment, insiders sold shares recently, including the CEO and CTO, and institutional ownership remains high at 80.46%. The stock also trades near its 52-week high, opening at $222.35 versus a 52-week range of $59.21 to $233.70.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) has been assigned a consensus recommendation of "Buy" from the nineteen research firms that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $210.6471.

Several equities research analysts have recently weighed in on CRDO shares. Craig Hallum reiterated a "buy" rating and set a $200.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Susquehanna decreased their target price on shares of Credo Technology Group from $230.00 to $170.00 and set a "positive" rating for the company in a research note on Tuesday, March 3rd. Roth Mkm decreased their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, February 10th. Rosenblatt Securities increased their price target on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a "neutral" rating in a report on Wednesday, April 15th. Finally, Weiss Ratings raised shares of Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer owned 6,272,370 shares in the company, valued at approximately $737,630,712. The trade was a 0.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares in the company, valued at $209,764,835.36. The trade was a 2.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 386,608 shares of company stock worth $50,371,351 in the last quarter. 11.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Corient Private Wealth LLC increased its position in Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock worth $517,835,000 after purchasing an additional 3,597,318 shares during the period. Amundi increased its holdings in Credo Technology Group by 28,478.2% in the fourth quarter. Amundi now owns 1,559,796 shares of the company's stock valued at $224,439,000 after buying an additional 1,554,338 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Credo Technology Group by 841.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company's stock valued at $228,979,000 after buying an additional 1,422,391 shares in the last quarter. Bank of America Corp DE increased its holdings in Credo Technology Group by 161.5% in the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock valued at $331,710,000 after buying an additional 1,406,752 shares in the last quarter. Finally, Rafferty Asset Management LLC purchased a new position in Credo Technology Group in the third quarter valued at about $183,553,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Performance

Shares of CRDO opened at $222.35 on Friday. Credo Technology Group has a fifty-two week low of $59.21 and a fifty-two week high of $233.70. The company has a market capitalization of $41.01 billion, a price-to-earnings ratio of 123.53 and a beta of 3.17. The firm has a 50-day simple moving average of $155.48 and a 200-day simple moving average of $144.34.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same quarter in the prior year, the firm earned $0.25 earnings per share. The business's quarterly revenue was up 201.5% compared to the same quarter last year. Equities research analysts forecast that Credo Technology Group will post 2.36 EPS for the current 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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