Credo Technology Group (NASDAQ:CRDO) Shares Up 1.8% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) rose 1.8% during trading on Monday. The stock traded as high as $181.14 and last traded at $172.81. 7,340,977 shares were traded during mid-day trading, a decline of 3% from the average daily volume of 7,588,564 shares. The stock had previously closed at $169.70.

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of recent research reports. Susquehanna boosted their price objective on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Stifel Nicolaus cut their target price on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Evercore set a $292.00 target price on shares of Credo Technology Group in a report on Wednesday, September 2nd. Wall Street Zen downgraded Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $262.67.

Credo Technology Group Price Performance

The stock has a market capitalization of $32.48 billion, a price-to-earnings ratio of 61.50, a price-to-earnings-growth ratio of 0.68 and a beta of 3.25. The company has a 50-day simple moving average of $204.44 and a two-hundred day simple moving average of $205.65.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.03. The company had revenue of $479.00 million during the quarter, compared to the consensus estimate of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The company’s revenue for the quarter was up 114.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 earnings per share. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel Fleming sold 7,580 shares of Credo Technology Group stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $212.91, for a total value of $1,613,857.80. Following the sale, the chief financial officer directly owned 492,208 shares in the company, valued at $104,796,005.28. This trade represents a 1.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the business’s stock in a transaction dated Tuesday, October 13th. The shares were sold at an average price of $192.99, for a total transaction of $5,307,225.00. Following the transaction, the chief technology officer directly owned 5,607,397 shares of the company’s stock, valued at $1,082,171,547.03. The trade was a 0.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 468,786 shares of company stock worth $95,025,003 over the last 90 days. Corporate insiders own 9.06% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE increased its stake in Credo Technology Group by 13.7% in the 2nd quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock worth $593,603,000 after purchasing an additional 262,479 shares in the last quarter. Atreides Management LP raised its holdings in Credo Technology Group by 3.5% during the 2nd quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock worth $307,109,000 after buying an additional 38,052 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Credo Technology Group by 192.1% during the first quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock valued at $98,290,000 after buying an additional 688,596 shares in the last quarter. H&H International Investment LLC lifted its stake in Credo Technology Group by 431.6% during the first quarter. H&H International Investment LLC now owns 751,200 shares of the company’s stock valued at $70,515,000 after buying an additional 609,900 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Credo Technology Group by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 703,122 shares of the company’s stock valued at $65,949,000 after buying an additional 3,501 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.