Credo Technology Group (NASDAQ:CRDO) Trading Up 9.8% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares shot up 9.8% during trading on Monday . The stock traded as high as $280.50 and last traded at $265.55. Approximately 7,477,536 shares were traded during mid-day trading, a decline of 5% from the average session volume of 7,868,352 shares. The stock had previously closed at $241.91.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several research analyst reports. Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, June 22nd. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Roth Mkm lifted their target price on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Susquehanna boosted their price target on Credo Technology Group from $200.00 to $235.00 and gave the company a “positive” rating in a research note on Tuesday, June 2nd. Finally, Bank of America lifted their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $263.11.

Credo Technology Group Stock Performance

The firm has a market cap of $49.52 billion, a P/E ratio of 107.08, a P/E/G ratio of 1.11 and a beta of 3.20. The company’s 50 day moving average is $220.92 and its 200 day moving average is $160.57.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.20 EPS. On average, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the completion of the transaction, the chief financial officer owned 501,873 shares of the company’s stock, valued at $125,207,276.04. The trade was a 7.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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, Director Sylvia Acevedo sold 2,208 shares of Credo Technology Group stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $211.00, for a total value of $465,888.00. Following the sale, the director directly owned 16,337 shares of the company’s stock, valued at approximately $3,447,107. This trade represents a 11.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 363,372 shares of company stock worth $76,926,125 in the last 90 days. 11.84% of the stock is owned by company insiders.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. NewEdge Advisors LLC raised its stake in Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after buying an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after acquiring an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Credo Technology Group by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after purchasing an additional 7,107 shares during the last quarter. CW Advisors LLC bought a new position in Credo Technology Group in the 2nd quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC grew its position in Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after purchasing an additional 333 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.