Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Free Report ) has received an average recommendation of Moderate Buy from the eight research firms currently covering the company, reports MarketBeat Ratings. One equity research analyst has rated the stock with a Sell rating, while seven have assigned a Buy rating to the company. The average 12-month target price among analysts that have covered the stock in the past year is $28.25.
Several analysts have recently commented on CRDO shares. TD Cowen raised Credo Technology Group from a “hold” rating to a “buy” rating and increased their price objective on the stock from $24.00 to $35.00 in a report on Tuesday. Craig Hallum raised their price objective on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Barclays raised their price objective on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Needham & Company LLC raised their price objective on Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Finally, Bank of America reaffirmed an “underperform” rating on shares of Credo Technology Group and set a $22.00 target price (up from the previous $21.00) in a research note on Thursday, May 30th.
Read the latest research report on CRDO
Insider Activities
In related news, COO, Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $22.12, for a total value of $221,200.00. Following the completion of the transaction, the COO now owns 3,153,738 shares of the company’s stock, valued at approximately $69,760,684.56. The sale was disclosed in a legal filing with the Securities and Exchange Commission, which is available at this link. In related news, CTO, Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $21.31, for a total value of $1,172,050.00. Following the completion of the transaction, the CTO now directly owns 9,938,602 shares of the company’s stock, valued at $211,791,608.62. The transaction was disclosed in a Securities and Exchange Commission filing, which can be accessed through this link. Additionally, Chief Operating Officer Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $22.12, for a total transaction value of $221,200.00. Following the completion of the sale, the Chief Operating Officer now owns 3,153,738 shares of the company’s stock, valued at approximately $69,760,684.56. The disclosure for this sale can be found here. In the last 3 months, insiders have sold 753,193 shares of the company’s stock, valued at $16,502,426. Company insiders own 23.89% of the company’s shares.
Institutional investor inflows and outflows
A number of institutional investors have recently modified their holdings in CRDO. The Vanguard Group Inc. increased its investment in Credo Technology Group by 31.3% in the third quarter. The Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock valued at $191,705,000 after purchasing an additional 2,993,303 shares in the last quarter. Jennison Associates Inc. purchased a new stake in Credo Technology Group shares in the fourth quarter for $45,362,000. Wellington Management Group Inc. purchased a new investment in Credo Technology Group in the fourth quarter for $35,224,000. JPMorgan Chase & Co. increased its investment in Credo Technology Group by 17.7% in the third quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after purchasing an additional 1,299,600 shares in the last quarter. Finally, TimesSquare Capital Management LLC bought a new stake in Credo Technology Group in the first quarter worth $22,535,000. Hedge funds and other institutional investors now own 80.46% of the company’s stock.
Credo Technology Group’s stock price performance
CRDO opened trading at $31.29 on Friday. The company’s 50-day simple moving average is $22.35 and its 200-day simple moving average is $21.24. The stock has a market cap of $5.17 billion, a P/E ratio of -173.83 and a beta of 2.20. Credo Technology Group’s 52-week low is $13.38 and its 52-week high is $31.30.
Credo Technology Group (NASDAQ:CRDO – Get free report ) last released its quarterly earnings data on Wednesday, May 29th. The company reported earnings per share of ($0.02) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Credo Technology Group had a net margin of negative 14.70% and a return on equity of negative 4.87%. The company’s revenue for the quarter was $60.78 million, beating the consensus estimate of $60.50 million. Research analysts expect that Credo Technology Group will post an EPS of 0.07 for the current fiscal year.
Credo Technology Group Company Profile
(Get your free report
Credo Technology Group Holding Ltd provides a range of high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, mainland China, Hong Kong and internationally. The company’s products include HiWire active electrical cables, optical digital signal processors, low-power line card PHYs, serializer/deserializer (SerDes) chiplets and SerDes IP.
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