Credo Technology Group (NASDAQ:CRDO) Trading 5.8% Higher – Should You Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded up 5.8% during mid-day trading on Thursday . The company traded as high as $102.38 and last traded at $101.45. 5,065,088 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 7,124,820 shares. The stock had previously closed at $95.92.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of research reports. Susquehanna reduced their target price on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a report on Tuesday, March 3rd. Roth Mkm cut their price target on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a report on Friday, March 27th. Finally, Stifel Nicolaus set a $200.00 price objective on Credo Technology Group in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Buy” and a consensus target price of $206.33.

Credo Technology Group Stock Performance

The stock has a market cap of $18.71 billion, a PE ratio of 56.36 and a beta of 2.71. The company’s 50-day moving average price is $114.51 and its two-hundred day moving average price is $139.74.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $385.94 million. During the same period in the prior year, the business posted $0.25 earnings per share. The company’s revenue was up 201.5% on a year-over-year basis. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $127.69, for a total transaction of $6,384,500.00. Following the sale, the chief executive officer directly owned 1,832,502 shares in the company, valued at $233,992,180.38. The trade was a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $136.33, for a total value of $4,089,900.00. Following the completion of the sale, the chief technology officer owned 6,327,370 shares in the company, valued at $862,610,352.10. The trade was a 0.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 426,101 shares of company stock worth $53,401,720 in the last quarter. Company 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 business. Atlantic Union Bankshares Corp purchased a new position in shares of Credo Technology Group in the third quarter worth approximately $25,000. Crewe Advisors LLC raised its stake in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after buying an additional 106 shares during the period. Reflection Asset Management bought a new stake in shares of Credo Technology Group during the 4th quarter valued at $25,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter worth about $25,000. Finally, First Horizon Corp purchased a new stake in Credo Technology Group during the 3rd quarter valued at approximately $26,000. 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.