Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $28.25 Consensus PT from Analysts

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been assigned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation and seven have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $28.25.

Several research firms have recently commented on CRDO. Bank of America reissued an “underperform” rating and set a $22.00 price target (up from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. Barclays lifted their target price on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Craig Hallum upped their price target on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Needham & Company LLC boosted their price objective on Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Finally, TD Cowen upgraded shares of Credo Technology Group from a “hold” rating to a “buy” rating and upped their target price for the company from $24.00 to $35.00 in a research report on Tuesday, June 25th.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $22.13, for a total transaction of $1,217,150.00. Following the transaction, the chief technology officer now owns 9,883,602 shares of the company’s stock, valued at approximately $218,724,112.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $28.21, for a total transaction of $282,100.00. Following the sale, the chief operating officer now owns 3,130,945 shares of the company’s stock, valued at approximately $88,323,958.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $22.13, for a total value of $1,217,150.00. Following the completion of the transaction, the chief technology officer now directly owns 9,883,602 shares of the company’s stock, valued at $218,724,112.26. The disclosure for this sale can be found here. Insiders sold a total of 529,368 shares of company stock valued at $11,522,357 in the last ninety days. 23.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors have recently modified their holdings of CRDO. Castleark Management LLC acquired a new stake in Credo Technology Group during the 1st quarter worth approximately $3,876,000. California State Teachers Retirement System raised its holdings in shares of Credo Technology Group by 7.7% during the first quarter. California State Teachers Retirement System now owns 128,795 shares of the company’s stock worth $2,729,000 after acquiring an additional 9,218 shares during the period. Public Employees Retirement Association of Colorado bought a new stake in Credo Technology Group in the 1st quarter valued at $352,000. Price T Rowe Associates Inc. MD boosted its stake in Credo Technology Group by 10.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock worth $1,484,000 after purchasing an additional 6,813 shares during the period. Finally, Magnetar Financial LLC bought a new position in Credo Technology Group during the 1st quarter worth about $278,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

Shares of CRDO opened at $31.58 on Friday. The company has a market cap of $5.22 billion, a price-to-earnings ratio of -175.44 and a beta of 2.24. The stock has a fifty day moving average price of $23.74 and a two-hundred day moving average price of $21.69. Credo Technology Group has a 52-week low of $13.38 and a 52-week high of $32.78.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Wednesday, May 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.51%. The business had revenue of $60.78 million during the quarter, compared to the consensus estimate of $60.50 million. As a group, research analysts predict that Credo Technology Group will post 0.07 EPS for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.