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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been assigned an average rating of “Moderate Buy” from the eight research firms that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating and seven have issued a buy rating on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $28.25.

Several analysts recently weighed in on CRDO shares. Craig Hallum lifted their price objective on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report 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 research report on Thursday, May 30th. Barclays raised their target price on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Bank of America reiterated an “underperform” rating and set a $22.00 price target (up previously from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. Finally, TD Cowen raised Credo Technology Group from a “hold” rating to a “buy” rating and raised their price target for the company from $24.00 to $35.00 in a report on Tuesday, June 25th.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 153,825 shares of the business’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $22.58, for a total value of $3,473,368.50. Following the sale, the chief operating officer now owns 798,527 shares of the company’s stock, valued at approximately $18,030,739.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO Yat Tung Lam sold 153,825 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $22.58, for a total transaction of $3,473,368.50. Following the completion of the transaction, the chief operating officer now owns 798,527 shares of the company’s stock, valued at $18,030,739.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $27.49, for a total transaction of $1,511,950.00. Following the completion of the sale, the chief technology officer now owns 9,498,602 shares in the company, valued at $261,116,568.98. The disclosure for this sale can be found here. In the last ninety days, insiders sold 698,193 shares of company stock valued at $15,330,376. 23.89% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Carnegie Capital Asset Management LLC boosted its position in shares of Credo Technology Group by 19.4% in the 4th quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock valued at $5,714,000 after purchasing an additional 47,650 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Credo Technology Group by 13.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 958,316 shares of the company’s stock worth $18,658,000 after acquiring an additional 111,957 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Credo Technology Group by 31.3% during the third quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock valued at $191,705,000 after acquiring an additional 2,993,303 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Credo Technology Group by 17.7% during the third quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after acquiring an additional 1,299,600 shares during the period. Finally, Moody Aldrich Partners LLC lifted its position in shares of Credo Technology Group by 67.8% in the 4th quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock valued at $3,947,000 after acquiring an additional 81,904 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Up 2.1 %

Shares of NASDAQ:CRDO opened at $31.94 on Friday. The firm has a 50-day simple moving average of $22.65 and a 200 day simple moving average of $21.38. Credo Technology Group has a fifty-two week low of $13.38 and a fifty-two week high of $32.78. The company has a market cap of $5.28 billion, a PE ratio of -177.44 and a beta of 2.20.

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

About Credo Technology Group

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.