Credo Technology Group (NASDAQ:CRDO) Trading Up 11.5% – Still a Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shot up 11.5% during mid-day trading on Monday . The stock traded as high as $210.97 and last traded at $210.22. 7,959,702 shares changed hands during trading, an increase of 12% from the average session volume of 7,084,328 shares. The stock had previously closed at $188.51.

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of analyst reports. Jefferies Financial Group initiated coverage on shares of Credo Technology Group in a report on Monday, April 13th. They set a “buy” rating and a $175.00 target price for the company. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $150.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Rosenblatt Securities increased their price target on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Rothschild & Co Redburn began coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 price target for the company. Finally, Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $207.71.

Credo Technology Group Price Performance

The stock’s 50 day simple moving average is $136.65 and its two-hundred day simple moving average is $142.10. The firm has a market cap of $34.93 billion, a P/E ratio of 105.20 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same quarter last year, the firm earned $0.25 earnings per share. The business’s revenue for the quarter was up 201.5% on a year-over-year basis. Equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at approximately $737,630,712. This trade represents a 0.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. This represents a 2.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 386,608 shares of company stock valued at $50,371,351 in the last ninety days. Insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently made changes to their positions in CRDO. NewEdge Advisors LLC increased its position 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 acquiring an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $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 shares of Credo Technology Group by 2.3% during the first 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 acquiring an additional 7,107 shares in the last quarter. CW Advisors LLC bought a new stake in shares of Credo Technology Group during the second quarter valued at approximately $288,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after acquiring an additional 333 shares in the last quarter. 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.