Credo Technology Group (NASDAQ:CRDO) Shares Climb 3.7% – Still a Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded up 3.7% on Wednesday. The company traded as high as $175.50 and last traded at $173.69. Approximately 5,189,041 shares were traded during trading, a decline of 32% from the average daily volume of 7,602,508 shares. The stock had previously closed at $167.43.

Wall Street Analyst Weigh In

CRDO has been the topic of several research reports. Evercore set a $292.00 target price on Credo Technology Group in a research report on Wednesday, September 2nd. Stifel Nicolaus dropped their price target on Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Wall Street Zen downgraded Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Susquehanna raised their price objective on Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Finally, TD Cowen boosted their target price on Credo Technology Group from $260.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $262.67.

Credo Technology Group Stock Down 8.7%

The company has a market capitalization of $28.38 billion, a price-to-earnings ratio of 53.73, a P/E/G ratio of 0.69 and a beta of 3.25. The firm has a 50 day moving average price of $190.00 and a two-hundred day moving average price of $180.87.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The business had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $473.30 million. During the same quarter in the previous year, the firm posted $0.52 earnings per share. The company’s revenue was up 114.7% compared to the same quarter last year. Analysts predict that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Lam sold 50,000 shares of the firm’s stock in a transaction on Friday, September 25th. The shares were sold at an average price of $206.30, for a total transaction of $10,315,000.00. Following the completion of the transaction, the chief operating officer directly owned 2,479,169 shares of the company’s stock, valued at $511,452,564.70. This trade represents a 1.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the business’s stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $193.93, for a total value of $5,333,075.00. Following the completion of the sale, the chief technology officer directly owned 5,662,397 shares of the company’s stock, valued at approximately $1,098,108,650.21. This represents a 0.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 352,538 shares of company stock worth $67,200,077 in the last ninety days. 9.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in CRDO. Atreides Management LP acquired a new stake in shares of Credo Technology Group in the first quarter worth about $102,434,000. The Manufacturers Life Insurance Company boosted its stake in shares of Credo Technology Group by 192.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock worth $98,290,000 after acquiring an additional 688,596 shares in the last quarter. H&H International Investment LLC increased its holdings in shares of Credo Technology Group by 431.6% during the 1st quarter. H&H International Investment LLC now owns 751,200 shares of the company’s stock valued at $70,515,000 after acquiring an additional 609,900 shares during the last quarter. Oaktree Capital Management LP acquired a new position in shares of Credo Technology Group during the 1st quarter valued at about $50,596,000. Finally, Danica Pension Livsforsikringsaktieselskab acquired a new position in shares of Credo Technology Group during the 1st quarter valued at about $44,302,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.