Credo Technology Group (NASDAQ:CRDO) Trading Up 1.6% – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded up 1.6% during trading on Wednesday . The stock traded as high as $151.90 and last traded at $150.1750. 1,955,916 shares were traded during trading, a decline of 65% from the average session volume of 5,544,724 shares. The stock had previously closed at $147.81.

Analysts Set New Price Targets

A number of brokerages recently commented on CRDO. Barclays increased their price target on Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a research report on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 target price on Credo Technology Group in a research report on Wednesday, October 1st. Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. New Street Research set a $240.00 price target on shares of Credo Technology Group in a report on Tuesday, December 2nd. Finally, William Blair started coverage on shares of Credo Technology Group in a report on Thursday, September 18th. They set an “outperform” rating for the company. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $206.85.

Credo Technology Group Trading Up 1.6%

The firm has a fifty day moving average of $156.72 and a two-hundred day moving average of $131.34. The company has a market cap of $27.13 billion, a PE ratio of 131.73 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.49 by $0.18. The business had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The company’s revenue was up 272.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.07 earnings per share. Sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Yat Tung Lam sold 370,000 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total value of $56,680,300.00. Following the completion of the transaction, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at $61,276,000. This trade represents a 48.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, October 27th. The shares were sold at an average price of $156.32, for a total value of $8,597,600.00. Following the completion of the transaction, the chief technology officer owned 6,668,961 shares of the company’s stock, valued at approximately $1,042,491,983.52. This trade represents a 0.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,311,246 shares of company stock valued at $199,553,783. Company insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC bought a new stake in shares of Credo Technology Group during the first quarter valued at about $244,000. Russell Investments Group Ltd. grew its stake in Credo Technology Group by 19.2% during the first quarter. Russell Investments Group Ltd. now owns 53,581 shares of the company’s stock valued at $2,152,000 after acquiring an additional 8,649 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Credo Technology Group by 5.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,027,989 shares of the company’s stock worth $41,285,000 after acquiring an additional 52,054 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new stake in Credo Technology Group in the 1st quarter worth approximately $25,000. Finally, Freedom Investment Management Inc. lifted its stake in Credo Technology Group by 50.9% in the 1st quarter. Freedom Investment Management Inc. now owns 11,759 shares of the company’s stock worth $472,000 after purchasing an additional 3,964 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

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.