Credo Technology Group (NASDAQ:CRDO) Coverage Initiated at The Goldman Sachs Group

Stock analysts at The Goldman Sachs Group started coverage on shares of Credo Technology Group (NASDAQ:CRDO) in a report released on Thursday, Marketbeat reports. The firm set a “buy” rating and a $165.00 price target on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 33.00% from the company’s current price.

CRDO has been the subject of a number of other research reports. Rosenblatt Securities assumed coverage on shares of Credo Technology Group in a research report on Wednesday, January 21st. They set a “neutral” rating and a $170.00 price objective for the company. TD Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Wolfe Research set a $240.00 price target on Credo Technology Group in a research report on Tuesday, December 2nd. Roth Mkm decreased their price objective on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Finally, Mizuho boosted their price objective on Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, December 2nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $209.29.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $124.06 on Thursday. The stock’s 50-day simple moving average is $135.98 and its two-hundred day simple moving average is $143.25. The stock has a market capitalization of $22.41 billion, a price-to-earnings ratio of 108.83 and a beta of 2.65. Credo Technology Group has a 52-week low of $29.09 and a 52-week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million for the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business’s quarterly revenue was up 272.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.07 EPS. As a group, equities analysts forecast that Credo Technology Group will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 370,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the sale, the chief operating officer owned 400,000 shares in the company, valued at $61,276,000. This trade represents a 48.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $174.70, for a total transaction of $9,608,500.00. Following the transaction, the chief technology officer owned 6,613,961 shares of the company’s stock, valued at approximately $1,155,458,986.70. This represents a 0.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 917,976 shares of company stock worth $136,567,647 in the last three months. 11.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in CRDO. Atlantic Union Bankshares Corp purchased a new position in Credo Technology Group during the 3rd quarter valued at approximately $25,000. Crewe Advisors LLC grew its holdings in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares in the last quarter. Acumen Wealth Advisors LLC purchased a new position in shares of Credo Technology Group in the fourth quarter valued at $25,000. First Horizon Corp bought a new stake in Credo Technology Group in the third quarter worth $26,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in Credo Technology Group during the second quarter valued at $27,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.