Credo Technology Group (NASDAQ:CRDO) Given "Neutral" Rating at Rosenblatt Securities

Key Points

• Rosenblatt Securities reaffirmed a “neutral” rating on Credo Technology Group with a $215 price target, implying 6.75% downside from the prior close. Despite this, analysts overall maintain a “Moderate Buy” consensus with an average target of $268.39.
• Credo reported quarterly EPS of $1.16, beating estimates of $1.02, while revenue reached $437 million, up 157% year over year and above expectations.
• Company insiders sold $101 million worth of shares in the latest quarter, while institutional investors own a substantial 80.46% of Credo’s outstanding stock.

Credo Technology Group (NASDAQ:CRDO - Get Free Report)'s stock had its "neutral" rating reissued by Rosenblatt Securities in a report issued on Monday,Benzinga reports. They presently have a $215.00 price objective on the stock. Rosenblatt Securities' target price would suggest a potential downside of 6.75% from the stock's previous close.

Several other analysts have also issued reports on the company. Jefferies Financial Group upped their price objective on Credo Technology Group from $225.00 to $270.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Stifel Nicolaus raised their price target on Credo Technology Group from $250.00 to $350.00 and gave the company a "buy" rating in a report on Monday, June 22nd. Zacks Research downgraded shares of Credo Technology Group from a "strong-buy" rating to a "hold" rating in a report on Monday, August 3rd. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a "buy" rating in a report on Monday, June 1st. Finally, Barclays raised their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an "overweight" rating in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $268.39.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $230.57 on Monday. The firm has a market capitalization of $43.00 billion, a P/E ratio of 92.97, a price-to-earnings-growth ratio of 1.05 and a beta of 3.23. The firm's fifty day moving average price is $241.50 and its two-hundred day moving average price is $183.05. 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 announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company's quarterly revenue was up 157.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.20 EPS. On average, research analysts anticipate that Credo Technology Group will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 55,441 shares of Credo Technology Group stock in a transaction that occurred 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 sale, the chief operating officer directly owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. The trade was a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,473 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $209.53, for a total value of $5,756,417.69. Following the sale, the chief technology officer directly owned 5,772,397 shares in the company, valued at $1,209,490,343.41. This represents a 0.47% 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 435,076 shares of company stock valued at $101,043,506 in the last quarter. Company insiders own 11.84% of the company's stock.

Institutional Trading of Credo Technology Group

Several large investors have recently modified their holdings of the stock. California State Teachers Retirement System boosted its holdings in shares of Credo Technology Group by 28,062.9% in the 2nd quarter. California State Teachers Retirement System now owns 67,840,375 shares of the company's stock valued at $18,449,190,000 after purchasing an additional 67,599,489 shares in the last quarter. Corient Private Wealth LLC raised its holdings in shares of 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 buying an additional 3,597,318 shares in the last quarter. Amundi lifted its position in shares of Credo Technology Group by 28,478.2% during the 4th quarter. Amundi now owns 1,559,796 shares of the company's stock worth $224,439,000 after buying an additional 1,554,338 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Credo Technology Group by 841.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company's stock worth $228,979,000 after buying an additional 1,422,391 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake 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. 80.46% of the stock is owned by institutional investors and hedge funds.

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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