Credo Technology Group (NASDAQ:CRDO) Shares Up 1.6% – Should You Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shot up 1.6% during trading on Monday . The company traded as high as $181.00 and last traded at $178.94. 5,820,206 shares changed hands during trading, an increase of 5% from the average session volume of 5,532,662 shares. The stock had previously closed at $176.04.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CRDO shares. JPMorgan Chase & Co. assumed coverage on Credo Technology Group in a research report on Friday, October 17th. They set an “overweight” rating and a $165.00 price target for the company. Wall Street Zen raised shares of Credo Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research note on Wednesday, October 8th. Needham & Company LLC boosted their price target on Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Finally, Wolfe Research set a $240.00 target price on Credo Technology Group in a research report on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $206.85.

Credo Technology Group Stock Up 1.6%

The firm’s 50-day simple moving average is $155.22 and its 200 day simple moving average is $124.18. The stock has a market capitalization of $32.32 billion, a P/E ratio of 156.97 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. During the same period in the previous year, the firm earned $0.07 EPS. The business’s revenue for the quarter was up 272.1% on a year-over-year basis. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $156.32, for a total transaction of $8,597,600.00. Following the completion of the sale, the chief technology officer directly owned 6,668,961 shares of the company’s stock, valued at $1,042,491,983.52. This trade represents a 0.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Pantas Sutardja sold 1,875 shares of the business’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $189.35, for a total value of $355,031.25. Following the sale, the director directly owned 5,893,909 shares in the company, valued at $1,116,011,669.15. This trade represents a 0.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 904,371 shares of company stock worth $139,048,715. 11.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Operose Advisors LLC grew its holdings in shares of Credo Technology Group by 69.2% during the 1st quarter. Operose Advisors LLC now owns 616 shares of the company’s stock valued at $25,000 after acquiring an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in Credo Technology Group during the first quarter valued at $25,000. Atlantic Union Bankshares Corp purchased a new position in Credo Technology Group in the third quarter valued at about $25,000. First Horizon Corp acquired a new position in Credo Technology Group in the 3rd quarter worth about $26,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in shares of Credo Technology Group during the 2nd quarter worth about $27,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.