Credo Technology Group (NASDAQ:CRDO) Trading 8.3% Higher – Should You Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) rose 8.3% during mid-day trading on Wednesday . The company traded as high as $187.70 and last traded at $182.98. Approximately 7,381,032 shares traded hands during trading, an increase of 4% from the average daily volume of 7,066,015 shares. The stock had previously closed at $168.99.

Wall Street Analysts Forecast Growth

CRDO has been the subject of a number of research reports. Jefferies Financial Group initiated coverage on shares of Credo Technology Group in a research note on Monday, April 13th. They set a “buy” rating and a $175.00 target price for the company. The Goldman Sachs Group lifted their price objective on shares of Credo Technology Group from $150.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Mizuho dropped their price objective on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, March 3rd. Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, April 24th. Finally, Roth Mkm dropped their price objective on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. One 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 stock presently has an average rating of “Moderate Buy” and an average price target of $207.71.

Credo Technology Group Trading Up 8.3%

The firm’s 50 day simple moving average is $141.80 and its two-hundred day simple moving average is $142.37. The firm has a market cap of $33.75 billion, a price-to-earnings ratio of 101.66 and a beta of 3.17.

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

Insider Activity

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. This trade represents a 2.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of the transaction, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. This represents a 0.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 386,608 shares of company stock worth $50,371,351. Insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Savant Capital LLC grew its holdings in shares of Credo Technology Group by 0.7% during the 3rd quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock valued at $1,444,000 after purchasing an additional 68 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Credo Technology Group by 16.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after purchasing an additional 77 shares during the last quarter. Illinois Municipal Retirement Fund grew its holdings in shares of Credo Technology Group by 0.6% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock valued at $2,298,000 after purchasing an additional 91 shares during the last quarter. QRG Capital Management Inc. grew its holdings in shares of Credo Technology Group by 1.7% during the 1st quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock valued at $507,000 after purchasing an additional 91 shares during the last quarter. Finally, Bank of Nova Scotia grew its holdings in shares of Credo Technology Group by 1.6% during the 1st quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock valued at $566,000 after purchasing an additional 92 shares during the last quarter. 80.46% of the stock is 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.