Credo Technology Group (NASDAQ:CRDO) Shares Up 6.9% – Still a Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price was up 6.9% during trading on Tuesday . The stock traded as high as $94.23 and last traded at $93.87. Approximately 7,211,039 shares changed hands during trading, an increase of 0% from the average daily volume of 7,190,532 shares. The stock had previously closed at $87.81.

Analyst Ratings Changes

Several research firms have recently issued reports on CRDO. Bank of America upped their target price on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Wolfe Research set a $240.00 price objective on Credo Technology Group in a research note on Tuesday, December 2nd. Stifel Nicolaus set a $200.00 target price on Credo Technology Group in a research report on Tuesday, March 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a research note on Friday. Finally, Mizuho cut their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $206.33.

Credo Technology Group Stock Up 6.9%

The firm has a 50 day moving average of $116.56 and a 200 day moving average of $140.53. The firm has a market cap of $17.31 billion, a PE ratio of 52.15 and a beta of 2.67.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The business had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same period last year, the business posted $0.25 earnings per share. The business’s revenue for the quarter was up 201.5% on a year-over-year basis. On average, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction dated Tuesday, March 24th. The shares were sold at an average price of $100.67, for a total transaction of $2,768,425.00. Following the completion of the transaction, the chief technology officer owned 6,217,370 shares in the company, valued at $625,902,637.90. This trade represents a 0.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William Joseph Brennan sold 18,016 shares of Credo Technology Group stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $2,120,122.88. Following the completion of the transaction, the chief executive officer owned 234,609 shares of the company’s stock, valued at $27,608,787.12. The trade was a 7.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 398,601 shares of company stock valued at $50,891,520 over the last three months. 11.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors have recently made changes to their positions in the stock. Spear Advisors LLC bought a new position in shares of Credo Technology Group in the fourth quarter worth $11,705,000. World Investment Advisors raised its stake in shares of Credo Technology Group by 77.5% during the 4th quarter. World Investment Advisors now owns 2,870 shares of the company’s stock valued at $413,000 after purchasing an additional 1,253 shares during the period. Corient Private Wealth LLC lifted its holdings in Credo Technology Group by 1,665.6% during the 4th quarter. Corient Private Wealth LLC now owns 26,573 shares of the company’s stock worth $3,824,000 after purchasing an additional 25,068 shares in the last quarter. Reflection Asset Management bought a new position in Credo Technology Group in the 4th quarter worth about $25,000. Finally, Clearwave Capital LLC bought a new position in Credo Technology Group in the 4th quarter worth about $708,000. 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.