Credo Technology Group (NASDAQ:CRDO) Trading Up 1.8% – Should You Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded up 1.8% during trading on Tuesday . The stock traded as high as $232.00 and last traded at $226.51. 2,629,852 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 7,284,424 shares. The stock had previously closed at $222.61.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of research reports. Barclays increased their price objective on Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. TD Cowen raised their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, August 18th. Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Evercore started coverage on shares of Credo Technology Group in a research report on Monday, June 22nd. They set an “outperform” rating and a $325.00 target price on the stock. Finally, Rothschild & Co Redburn initiated coverage on Credo Technology Group in a research report on Friday, May 1st. They issued a “buy” rating and a $206.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $268.39.

Credo Technology Group Stock Up 3.8%

The company has a 50-day moving average price of $240.05 and a 200-day moving average price of $185.65. The company has a market capitalization of $43.83 billion, a price-to-earnings ratio of 94.68, a P/E/G ratio of 1.04 and a beta of 3.23.

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

Insider Activity at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 40,000 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the transaction, the chief financial officer owned 501,873 shares in the company, valued at approximately $125,207,276.04. The trade was a 7.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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. Also, COO Yat Tung Lam sold 55,441 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the sale, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at approximately $538,763,580.38. The trade was a 2.15% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 435,076 shares of company stock worth $101,043,506. 11.84% of the stock is owned by insiders.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of CRDO. M&T Bank Corp raised its holdings in shares of Credo Technology Group by 428.8% during the fourth quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock worth $1,932,000 after acquiring an additional 10,888 shares during the period. California State Teachers Retirement System boosted its stake in Credo Technology Group by 2.2% in the 1st quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after purchasing an additional 5,113 shares during the period. TimesSquare Capital Management LLC increased its holdings in Credo Technology Group by 5.5% during the 4th quarter. TimesSquare Capital Management LLC now owns 264,181 shares of the company’s stock worth $38,013,000 after purchasing an additional 13,881 shares in the last quarter. Corsair Capital Management L.P. bought a new position in Credo Technology Group during the 1st quarter worth about $469,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Credo Technology Group by 154.5% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 32,468 shares of the company’s stock valued at $4,672,000 after purchasing an additional 19,708 shares during the period. 80.46% of the stock is currently owned by institutional investors.

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.