Credo Technology Group (NASDAQ:CRDO) Shares Up 1.6% – What’s Next?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded up 1.6% during trading on Friday . The company traded as high as $164.80 and last traded at $162.95. Approximately 5,780,636 shares traded hands during trading, a decline of 22% from the average daily volume of 7,400,539 shares. The stock had previously closed at $160.31.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several analyst reports. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Mizuho raised their price objective on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 2nd. Susquehanna increased their target price on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. Bank of America decreased their target price on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating for the company in a research report on Wednesday, September 2nd. Finally, Rosenblatt Securities lifted their price target on Credo Technology Group from $215.00 to $235.00 and gave the company a “neutral” rating in a report on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $267.39.

Credo Technology Group Trading Up 1.4%

The company has a market cap of $30.56 billion, a PE ratio of 57.86, a P/E/G ratio of 0.67 and a beta of 3.22. The business’s 50-day simple moving average is $223.25 and its 200-day simple moving average is $190.60.

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

Insider Activity at Credo Technology Group

In other Credo Technology Group news, COO Yat Lam sold 50,000 shares of the company’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $213.33, for a total value of $10,666,500.00. Following the transaction, the chief operating officer directly owned 300,000 shares of the company’s stock, valued at $63,999,000. This represents a 14.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 3,790 shares of the firm’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $170.00, for a total value of $644,300.00. Following the sale, the chief technology officer directly owned 136,568 shares of the company’s stock, valued at $23,216,560. This trade represents a 2.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 313,074 shares of company stock valued at $71,827,816. Insiders own 9.06% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System increased its stake in shares of Credo Technology Group by 2.2% during 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 last quarter. TimesSquare Capital Management LLC grew its holdings in Credo Technology Group by 5.5% during the fourth quarter. TimesSquare Capital Management LLC now owns 264,181 shares of the company’s stock valued at $38,013,000 after purchasing an additional 13,881 shares during the last quarter. Corsair Capital Management L.P. bought a new position in Credo Technology Group in the 1st quarter worth $469,000. Lazard Asset Management LLC grew its position in shares of Credo Technology Group by 55.6% in the first quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock valued at $6,294,000 after purchasing an additional 23,949 shares during the last quarter. Finally, Quantinno Capital Management LP increased its stake in shares of Credo Technology Group by 68.4% in the first quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock worth $3,203,000 after purchasing an additional 13,859 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.