Credo Technology Group (NASDAQ:CRDO) Trading 8.3% Higher – Should You Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded up 8.3% during trading on Friday . The company traded as high as $151.42 and last traded at $150.13. 9,610,143 shares changed hands during mid-day trading, an increase of 73% from the average session volume of 5,570,583 shares. The stock had previously closed at $138.57.

Analyst Upgrades and Downgrades

CRDO has been the subject of several recent analyst reports. Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 price target on shares of Credo Technology Group in a report on Wednesday, October 1st. Bank of America increased their price objective on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. New Street Research set a $240.00 target price on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Finally, JPMorgan Chase & Co. began coverage on Credo Technology Group in a report on Friday, October 17th. They issued an “overweight” rating and a $165.00 target price for the company. Two 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 an average rating of “Buy” and an average target price of $206.85.

Credo Technology Group Stock Up 8.3%

The firm has a 50 day moving average of $156.13 and a 200 day moving average of $128.89. The firm has a market cap of $27.12 billion, a PE ratio of 131.69 and a beta of 2.63.

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

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $143.94, for a total value of $7,916,700.00. Following the sale, the chief technology officer owned 6,558,961 shares of the company’s stock, valued at $944,096,846.34. The trade was a 0.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $189.35, for a total transaction of $355,031.25. Following the completion of the transaction, the director directly owned 5,893,909 shares of the company’s stock, valued at approximately $1,116,011,669.15. This trade represents a 0.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,311,246 shares of company stock worth $200,335,333 in the last ninety days. 11.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently made changes to their positions in the stock. California Public Employees Retirement System boosted its holdings in Credo Technology Group by 17.2% during the 2nd quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock valued at $23,848,000 after acquiring an additional 37,772 shares during the period. Thompson Davis & CO. Inc. bought a new stake in Credo Technology Group in the second quarter valued at approximately $382,000. Realta Investment Advisors purchased a new stake in shares of Credo Technology Group during the second quarter valued at approximately $300,000. Ethic Inc. grew its holdings in shares of Credo Technology Group by 35.5% in the second quarter. Ethic Inc. now owns 7,142 shares of the company’s stock worth $668,000 after purchasing an additional 1,873 shares during the last quarter. Finally, Convergence Investment Partners LLC bought a new position in shares of Credo Technology Group in the second quarter worth approximately $2,577,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.