Credo Technology Group’s (CRDO) “Neutral” Rating Reaffirmed at Rosenblatt Securities
by Sarita Garza · The Markets DailyCredo Technology Group (NASDAQ:CRDO – Get Free Report)‘s stock had its “neutral” rating restated by equities research analysts at Rosenblatt Securities in a research report issued on Monday,Benzinga reports. They currently have a $125.00 price objective on the stock. Rosenblatt Securities’ price target would indicate a potential upside of 15.84% from the company’s current price.
A number of other equities research analysts have also weighed in on CRDO. Roth Mkm decreased their price objective on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. Stifel Nicolaus set a $200.00 target price on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Bank of America lifted their price target on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price target on shares of Credo Technology Group in a report on Tuesday, March 3rd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $206.33.
Check Out Our Latest Analysis on Credo Technology Group
Credo Technology Group Trading Up 4.4%
CRDO traded up $4.51 during trading hours on Monday, hitting $107.91. The company’s stock had a trading volume of 1,834,620 shares, compared to its average volume of 7,231,977. The stock has a market cap of $19.90 billion, a price-to-earnings ratio of 59.95 and a beta of 2.67. The business’s 50-day moving average price is $123.29 and its 200-day moving average price is $142.68. Credo Technology Group has a 12 month low of $29.09 and a 12 month high of $213.80.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. The business had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.25 earnings per share. On average, analysts forecast that Credo Technology Group will post 0.13 earnings per share for the current year.
Insider Buying and Selling at Credo Technology Group
In other news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $107.90, for a total value of $2,967,250.00. Following the completion of the sale, the chief technology officer owned 6,244,870 shares of the company’s stock, valued at $673,821,473. This trade represents a 0.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 18,016 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $2,120,122.88. Following the completion of the sale, the chief executive officer directly owned 234,609 shares of the company’s stock, valued at approximately $27,608,787.12. This represents a 7.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 436,101 shares of company stock worth $57,510,645 over the last three months. Corporate insiders own 11.84% of the company’s stock.
Institutional Trading of Credo Technology Group
Hedge funds and other institutional investors have recently made changes to their positions in the business. California Public Employees Retirement System raised its position in shares of Credo Technology Group by 17.2% during the 2nd quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock worth $23,848,000 after purchasing an additional 37,772 shares during the last quarter. Optimize Financial Inc acquired a new stake in Credo Technology Group in the 3rd quarter worth about $1,431,000. Estate Counselors LLC acquired a new stake in Credo Technology Group in the 3rd quarter worth about $2,548,000. Global Trust Asset Management LLC purchased a new stake in Credo Technology Group during the 3rd quarter worth approximately $2,167,000. Finally, New York State Common Retirement Fund raised its holdings in shares of Credo Technology Group by 106.5% during the third quarter. New York State Common Retirement Fund now owns 146,134 shares of the company’s stock valued at $21,279,000 after acquiring an additional 75,369 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.
Credo Technology Group Company Profile
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.