Credo Technology Group (NASDAQ:CRDO) Stock Price Up 3.3% – Still a Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price shot up 3.3% on Thursday . The company traded as high as $142.97 and last traded at $138.57. 5,341,602 shares were traded during mid-day trading, a decline of 4% from the average session volume of 5,554,395 shares. The stock had previously closed at $134.13.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Bank of America increased their price objective on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 price target on Credo Technology Group in a report on Wednesday, October 1st. TD Cowen lifted their price target on shares of Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. William Blair started coverage on shares of Credo Technology Group in a report on Thursday, September 18th. They set an “outperform” rating for the company. Finally, Roth Capital raised their target price on shares of Credo Technology Group from $170.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $206.85.

Credo Technology Group Stock Performance

The company’s 50 day moving average is $156.39 and its 200 day moving average is $128.82. The stock has a market capitalization of $25.03 billion, a price-to-earnings ratio of 121.55 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.18. The company had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business’s revenue was up 272.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.07 EPS. On average, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $148.08, for a total value of $8,144,400.00. Following the completion of the sale, the chief technology officer owned 6,778,961 shares in the company, valued at approximately $1,003,828,544.88. This trade represents a 0.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel W. Fleming sold 112,580 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $138.20, for a total value of $15,558,556.00. Following the sale, the chief financial officer directly owned 458,678 shares in the company, valued at $63,389,299.60. The trade was a 19.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,311,246 shares of company stock valued at $200,335,333 in the last quarter. Corporate insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in the business. Savant Capital LLC raised its holdings in Credo Technology Group by 0.7% in the third quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock worth $1,444,000 after purchasing an additional 68 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of Credo Technology Group by 16.2% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after buying an additional 77 shares in the last quarter. Illinois Municipal Retirement Fund raised its stake in Credo Technology Group by 0.6% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock worth $2,298,000 after buying an additional 91 shares during the period. Versant Capital Management Inc lifted its holdings in Credo Technology Group by 18.0% during the third quarter. Versant Capital Management Inc now owns 663 shares of the company’s stock worth $97,000 after acquiring an additional 101 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its stake in Credo Technology Group by 14.8% in the third quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock valued at $125,000 after acquiring an additional 111 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.