Credo Technology Group (NASDAQ:CRDO) Trading Up 11.5% – Time to Buy?

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

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Susquehanna lowered their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating for the company in a research note on Tuesday, March 3rd. Weiss Ratings lowered shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, April 24th. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price objective on shares of Credo Technology Group in a research note on Wednesday, April 15th. The Goldman Sachs Group raised 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 note on Thursday, April 16th. Finally, Rosenblatt Securities raised their price objective on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $207.71.

Credo Technology Group Price Performance

The business’s 50 day moving average is $130.21 and its 200-day moving average is $140.68. The company has a market cap of $38.78 billion, a PE ratio of 116.79 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping 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 company had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same quarter in the previous year, the firm earned $0.25 earnings per share. The firm’s quarterly revenue was up 201.5% on a year-over-year basis. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Insider Buying and Selling

In other Credo Technology Group news, 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 sale, the chief executive officer owned 1,782,502 shares of the company’s stock, valued at approximately $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the sale, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. The trade was a 0.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 386,608 shares of company stock valued at $50,371,351 in the last quarter. 11.84% of the stock is owned by insiders.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group during the third quarter worth approximately $25,000. Crewe Advisors LLC raised its holdings in Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after purchasing an additional 106 shares in the last quarter. Reflection Asset Management acquired a new stake in Credo Technology Group during the fourth quarter worth approximately $25,000. Acumen Wealth Advisors LLC acquired a new stake in Credo Technology Group during the fourth quarter worth approximately $25,000. Finally, First Horizon Corp acquired a new stake in Credo Technology Group during the third quarter worth approximately $26,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.