Credo Technology Group (NASDAQ:CRDO) Shares Up 2.2% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares were up 2.2% during mid-day trading on Wednesday . The stock traded as high as $98.76 and last traded at $95.92. Approximately 4,860,180 shares were traded during trading, a decline of 32% from the average daily volume of 7,157,966 shares. The stock had previously closed at $93.87.

Analysts Set New Price Targets

CRDO has been the subject of several recent analyst reports. Susquehanna dropped their price target on Credo Technology Group from $230.00 to $170.00 and set a “positive” rating for the company in a research note on Tuesday, March 3rd. Wolfe Research set a $240.00 price objective on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Roth Mkm lowered their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research report on Friday. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $125.00 target price on shares of Credo Technology Group in a research note on Monday, March 23rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $206.33.

Credo Technology Group Stock Up 2.2%

The company has a market capitalization of $17.69 billion, a P/E ratio of 53.29 and a beta of 2.67. The business has a 50 day moving average of $115.38 and a 200 day moving average of $140.05.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, March 2nd. The company reported $1.07 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 business’s revenue was up 201.5% on a year-over-year basis. During the same period last year, the company posted $0.25 EPS. On average, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Transactions at Credo Technology Group

In related news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $127.69, for a total value of $6,384,500.00. Following the completion of the sale, the chief executive officer owned 1,832,502 shares in the company, valued at approximately $233,992,180.38. The trade was a 2.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 30,000 shares of the stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $136.33, for a total value of $4,089,900.00. Following the completion of the transaction, the chief technology officer directly owned 6,327,370 shares in the company, valued at approximately $862,610,352.10. This trade represents a 0.47% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 398,601 shares of company stock worth $50,891,520. Company insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC increased its stake in shares of Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after buying an additional 3,972 shares during the period. Goldman Sachs Group Inc. grew its holdings in Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after acquiring an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after purchasing an additional 7,107 shares during the period. Prudential Financial Inc. increased its position in Credo Technology Group by 96.4% during the 2nd quarter. Prudential Financial Inc. now owns 20,932 shares of the company’s stock valued at $1,938,000 after purchasing an additional 10,274 shares during the period. Finally, J.W. Cole Advisors Inc. bought a new stake in shares of Credo Technology Group in the 2nd quarter valued at about $209,000. 80.46% of the stock is 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.