Credo Technology Group (NASDAQ:CRDO) Now Covered by Jefferies Financial Group

Equities researchers at Jefferies Financial Group began coverage on shares of Credo Technology Group (NASDAQ:CRDO) in a research note issued to investors on Monday,Benzinga reports. The brokerage set a “buy” rating and a $175.00 price target on the stock. Jefferies Financial Group’s target price points to a potential upside of 46.09% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on CRDO. Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a research report on Friday, March 27th. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. The Goldman Sachs Group set a $165.00 price objective on shares of Credo Technology Group and gave the stock a “buy” rating in a report on Thursday, February 19th. Stifel Nicolaus set a $200.00 price objective on shares of Credo Technology Group in a report on Tuesday, March 3rd. Finally, Susquehanna decreased their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Credo Technology Group has a consensus rating of “Buy” and a consensus target price of $204.38.

Credo Technology Group Stock Up 0.2%

Shares of Credo Technology Group stock opened at $119.79 on Monday. The stock has a market capitalization of $22.09 billion, a P/E ratio of 66.55 and a beta of 2.72. The company has a 50-day simple moving average of $111.31 and a 200 day simple moving average of $136.78. Credo Technology Group has a 12-month low of $33.04 and a 12-month high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. The business had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm’s revenue for the quarter was up 201.5% on a year-over-year basis. During the same quarter last year, the company posted $0.25 EPS. On average, equities analysts anticipate that Credo Technology Group will post 0.13 earnings per share for the current year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $103.19, for a total transaction of $2,837,725.00. Following the transaction, the chief technology officer directly owned 6,162,370 shares in the company, valued at approximately $635,894,960.30. This represents a 0.44% decrease in their position. The transaction 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, COO Yat Tung Lam sold 3,180 shares of the company’s stock in a transaction dated Sunday, April 5th. The shares were sold at an average price of $101.45, for a total transaction of $322,611.00. Following the transaction, the chief operating officer owned 2,610,329 shares in the company, valued at approximately $264,817,877.05. The trade was a 0.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 391,119 shares of company stock worth $46,493,731 in the last quarter. Insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRDO. Corient Private Wealth LLC lifted its position in 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 during the period. Amundi raised its position in shares of Credo Technology Group by 28,478.2% in the 4th quarter. Amundi now owns 1,559,796 shares of the company’s stock valued at $224,439,000 after acquiring an additional 1,554,338 shares during the period. Janus Henderson Group PLC raised its position in shares of Credo Technology Group by 841.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock valued at $228,979,000 after acquiring an additional 1,422,391 shares during the period. Bank of America Corp DE raised its position in shares of Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after acquiring an additional 1,406,752 shares during the period. Finally, Rafferty Asset Management LLC acquired a new stake in shares of Credo Technology Group in the 3rd quarter valued at approximately $183,553,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.