Credo Technology Group (NASDAQ:CRDO) Shares Up 5.3% – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares were up 5.3% on Tuesday . The stock traded as high as $162.33 and last traded at $164.5170. Approximately 2,892,841 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 7,000,885 shares. The stock had previously closed at $156.27.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CRDO shares. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $150.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Craig Hallum restated a “buy” rating and issued a $200.00 price target on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Needham & Company LLC restated a “buy” rating and issued a $220.00 price target on shares of Credo Technology Group in a research note on Wednesday, April 15th. Jefferies Financial Group assumed coverage on shares of Credo Technology Group in a research note on Monday, April 13th. They issued a “buy” rating and a $175.00 price target on the stock. Finally, Mizuho decreased their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $207.71.

Credo Technology Group Stock Up 8.8%

The company’s 50 day moving average is $140.62 and its 200 day moving average is $142.39. The firm has a market capitalization of $31.37 billion, a price-to-earnings ratio of 94.61 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating the consensus estimate 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 net margin of 31.81% and a return on equity of 29.63%. Credo Technology Group’s revenue was up 201.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.25 earnings per share. On average, analysts expect that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Insider Activity

In other Credo Technology Group news, CEO William Joseph Brennan sold 6,149 shares of the stock in a transaction dated Sunday, April 5th. The shares were sold at an average price of $101.45, for a total transaction of $623,816.05. Following the sale, the chief executive officer directly owned 222,311 shares in the company, valued at $22,553,450.95. This represents a 2.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider James Laufman sold 10,000 shares of the stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $164.41, for a total transaction of $1,644,100.00. Following the sale, the insider owned 198,609 shares in the company, valued at $32,653,305.69. The trade was a 4.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 386,608 shares of company stock valued at $50,371,351. Corporate insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Large investors have recently bought and sold shares of the company. Corient Private Wealth LLC boosted its stake in shares of Credo Technology Group by 239,024.5% in 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 boosted its stake 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 purchasing an additional 1,554,338 shares in the last quarter. Janus Henderson Group PLC boosted its stake 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 purchasing an additional 1,422,391 shares in the last quarter. Bank of America Corp DE boosted its stake 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 purchasing an additional 1,406,752 shares in the last quarter. 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.

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.