Credo Technology Group (NASDAQ:CRDO) Shares Up 3.2% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded up 3.2% during trading on Tuesday . The stock traded as high as $247.78 and last traded at $247.69. 2,428,539 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 7,468,853 shares. The stock had previously closed at $239.93.

Analysts Set New Price Targets

CRDO has been the subject of several research reports. Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Bank of America boosted their target price on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Wall Street Zen cut shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, Barclays lifted their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. 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. According to data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus target price of $266.17.

Credo Technology Group Stock Performance

The stock has a 50 day moving average of $239.16 and a two-hundred day moving average of $177.02. The stock has a market cap of $49.61 billion, a PE ratio of 106.92, a PEG ratio of 1.13 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The business’s quarterly revenue was up 157.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.20 earnings per share. Analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the sale, the chief technology officer directly owned 5,882,370 shares of the company’s stock, valued at $1,429,768,852.20. The trade was a 0.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 40,000 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the completion of the sale, the chief financial officer owned 501,873 shares of the company’s stock, valued at $125,207,276.04. The trade was a 7.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 435,076 shares of company stock worth $101,043,506. Company insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently bought and sold shares of the business. Reflection Asset Management purchased a new stake in shares of Credo Technology Group in the fourth quarter worth approximately $25,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $25,000. Flagship Harbor Advisors LLC purchased a new position in Credo Technology Group during the fourth quarter valued at approximately $32,000. AlphaCentric Advisors LLC acquired a new position in Credo Technology Group in the 1st quarter valued at approximately $33,000. Finally, Van ECK Associates Corp acquired a new position in Credo Technology Group in the 4th quarter valued at approximately $37,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

About Credo Technology Group

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.