Credo Technology Group (NASDAQ:CRDO) Stock Rating Lowered by Wall Street Zen

Credo Technology Group (NASDAQ:CRDO) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

Other equities research analysts have also issued research reports about the company. Susquehanna lifted their price objective on Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. upped their price objective on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a report on Tuesday, June 2nd. Jefferies Financial Group increased their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Finally, Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $266.17.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $206.99 on Friday. The business’s 50 day simple moving average is $236.60 and its 200 day simple moving average is $171.95. Credo Technology Group has a 12 month low of $86.49 and a 12 month high of $308.67. The company has a market cap of $38.60 billion, a price-to-earnings ratio of 83.46, a PEG ratio of 0.95 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same period last year, the business posted $0.20 earnings per share. The business’s revenue for the quarter was up 157.0% on a year-over-year basis. As a group, equities research analysts forecast that Credo Technology Group will post 4.84 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the sale, the chief financial officer owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. This represents a 1.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $205.54, for a total value of $5,652,350.00. Following the completion of the transaction, the chief technology officer owned 5,799,870 shares of the company’s stock, valued at approximately $1,192,105,279.80. This represents a 0.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 302,162 shares of company stock worth $72,810,546 in the last three months. 11.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently modified their holdings of the company. Corient Private Wealth LLC grew its position in shares of Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after purchasing an additional 3,597,318 shares in the last quarter. Amundi raised its position in shares of Credo Technology Group by 28,478.2% in the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after buying an additional 1,554,338 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Credo Technology Group by 841.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock worth $228,979,000 after buying an additional 1,422,391 shares in the last quarter. Bank of America Corp DE boosted its stake in Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after buying an additional 1,406,752 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after buying an additional 1,218,504 shares during the period. 80.46% of the stock is currently owned by institutional investors.

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.