Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Stock Has Average Price Target of $262.67

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) have received a consensus recommendation of “Moderate Buy” from the eighteen research firms that are currently covering the company, MarketBeat reports. Three analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $262.67.

Several research firms have weighed in on CRDO. TD Cowen increased their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. Stifel Nicolaus reduced their price target on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a report on Monday, October 5th. Susquehanna lifted their price target on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Barclays increased 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 note on Monday, July 20th. Finally, Weiss Ratings downgraded Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, October 6th.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, insider James Laufman sold 5,000 shares of the company’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $205.00, for a total value of $1,025,000.00. Following the completion of the transaction, the insider owned 164,223 shares of the company’s stock, valued at $33,665,715. This represents a 2.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Cheng sold 27,500 shares of the stock in a transaction on Tuesday, October 27th. The shares were sold at an average price of $164.12, for a total value of $4,513,300.00. Following the completion of the sale, the chief technology officer owned 5,552,397 shares of the company’s stock, valued at $911,259,395.64. The trade was a 0.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 352,538 shares of company stock valued at $67,200,077. Corporate insiders own 9.06% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Verity Asset Management Inc. purchased a new stake in Credo Technology Group during the third quarter worth about $684,000. Compass Financial Management LLC lifted its stake in Credo Technology Group by 287.5% in the third quarter. Compass Financial Management LLC now owns 5,580 shares of the company’s stock valued at $1,087,000 after buying an additional 4,140 shares during the last quarter. Rakuten Investment Management Inc. purchased a new position in shares of Credo Technology Group in the 3rd quarter valued at approximately $7,643,000. Prescott Group Capital Management L.L.C. acquired a new position in Credo Technology Group during the third quarter worth $1,948,000. Finally, Blue Bell Private Wealth Management LLC boosted its position in Credo Technology Group by 25.4% during the third quarter. Blue Bell Private Wealth Management LLC now owns 1,056 shares of the company’s stock worth $206,000 after purchasing an additional 214 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Trading Down 8.7%

Shares of CRDO stock opened at $150.99 on Monday. The stock has a 50 day moving average of $188.40 and a two-hundred day moving average of $180.84. Credo Technology Group has a 12 month low of $86.49 and a 12 month high of $308.67. The company has a market capitalization of $28.38 billion, a P/E ratio of 55.84, a P/E/G ratio of 0.66 and a beta of 3.25.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. The firm had revenue of $479.00 million for the quarter, compared to the consensus estimate of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The business’s revenue was up 114.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.52 earnings per share. Sell-side analysts predict that Credo Technology Group will post 5.02 earnings per share for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.