Credo Technology Group (NASDAQ:CRDO) Rating Lowered to "Hold" at Wall Street Zen

Wall Street Zen lowered shares of Credo Technology Group (NASDAQ:CRDO - Free Report) from a buy rating to a hold rating in a report issued on Saturday.

A number of other research analysts also recently issued reports on CRDO. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Needham & Company LLC raised their price objective on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Stifel Nicolaus boosted their price target on Credo Technology Group from $69.00 to $80.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Barclays set a $85.00 target price on Credo Technology Group and gave the stock an "overweight" rating in a research note on Tuesday, June 3rd. Finally, Susquehanna reissued a "positive" rating and issued a $90.00 price target (up from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Credo Technology Group has an average rating of "Buy" and an average target price of $82.45.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded up $3.10 during midday trading on Friday, reaching $101.80. The stock had a trading volume of 2,378,025 shares, compared to its average volume of 4,198,466. Credo Technology Group has a twelve month low of $22.50 and a twelve month high of $102.61. The company's 50 day moving average price is $73.70 and its 200 day moving average price is $62.57. The firm has a market cap of $17.47 billion, a price-to-earnings ratio of 377.94, a price-to-earnings-growth ratio of 1.77 and a beta of 2.57.

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

Insider Transactions at Credo Technology Group

In related news, Director Lip Bu Tan sold 171,473 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 59,641 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the completion of the sale, the chief technology officer owned 7,603,961 shares of the company's stock, valued at approximately $569,992,916.56. The trade was a 0.78% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,078,139 shares of company stock worth $78,645,480. Corporate insiders own 16.04% of the company's stock.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in CRDO. Norges Bank bought a new stake in Credo Technology Group in the 4th quarter worth approximately $117,242,000. Nuveen LLC purchased a new position in shares of Credo Technology Group during the first quarter worth $52,636,000. Alliancebernstein L.P. lifted its holdings in Credo Technology Group by 299.9% during the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after buying an additional 1,305,594 shares during the last quarter. Polar Capital Holdings Plc increased its position in shares of Credo Technology Group by 382.1% during the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after purchasing an additional 1,150,084 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Credo Technology Group by 441.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock worth $65,594,000 after buying an additional 795,751 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.