Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $23.00 Consensus Price Target from Analysts

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been given an average rating of “Moderate Buy” by the eight brokerages that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $24.25.

A number of research firms have weighed in on CRDO. Needham & Company LLC upped their price target on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. TD Cowen upped their price target on Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a report on Wednesday, February 28th. Mizuho restated a “buy” rating and issued a $30.00 price target (up previously from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. The Goldman Sachs Group upped their price target on Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. Finally, Craig Hallum upped their price target on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $17.99 on Friday. The company has a 50-day moving average of $21.46 and a 200-day moving average of $19.18. The company has a market cap of $2.94 billion, a P/E ratio of -78.22 and a beta of 1.97. Credo Technology Group has a 12 month low of $7.20 and a 12 month high of $23.90.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $53.06 million during the quarter, compared to the consensus estimate of $51.91 million. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The company’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.02 EPS. As a group, equities research analysts anticipate that Credo Technology Group will post -0.12 EPS for the current year.

Insider Buying and Selling

In related news, CEO William Joseph Brennan sold 15,000 shares of the firm’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $21.05, for a total transaction of $315,750.00. Following the transaction, the chief executive officer now directly owns 3,172,500 shares in the company, valued at $66,781,125. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO William Joseph Brennan sold 15,000 shares of the firm’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $21.05, for a total transaction of $315,750.00. Following the transaction, the chief executive officer now directly owns 3,172,500 shares in the company, valued at $66,781,125. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 60,000 shares of the firm’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $21.62, for a total value of $1,297,200.00. Following the transaction, the chief technology officer now owns 10,648,602 shares in the company, valued at $230,222,775.24. The disclosure for this sale can be found here. Insiders have sold 1,816,218 shares of company stock worth $40,044,857 over the last ninety days. 23.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently added to or reduced their stakes in CRDO. Envestnet Asset Management Inc. acquired a new stake in Credo Technology Group in the first quarter worth $332,000. JPMorgan Chase & Co. acquired a new position in shares of Credo Technology Group during the first quarter valued at $205,000. Bank of New York Mellon Corp acquired a new position in shares of Credo Technology Group during the first quarter valued at $1,748,000. BlackRock Inc. acquired a new position in shares of Credo Technology Group during the first quarter valued at $48,844,000. Finally, Vanguard Group Inc. acquired a new position in shares of Credo Technology Group during the first quarter valued at $29,191,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.