Credo Technology Group (NASDAQ:CRDO) Releases Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Credo Technology Group (NASDAQ:CRDO) released its quarterly earnings results on Monday. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.03 by $0.13, FiscalAI reports. The business had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%.

Credo Technology Group Stock Performance

NASDAQ CRDO traded down $9.93 on Monday, reaching $226.10. The company’s stock had a trading volume of 9,556,479 shares, compared to its average volume of 7,067,609. Credo Technology Group has a twelve month low of $59.88 and a twelve month high of $243.21. The stock has a market cap of $41.70 billion, a PE ratio of 125.61 and a beta of 3.22. The firm’s 50 day moving average is $158.17 and its two-hundred day moving average is $144.80.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $178.99, for a total value of $4,922,225.00. Following the completion of the sale, the chief technology officer directly owned 6,024,870 shares of the company’s stock, valued at approximately $1,078,391,481.30. This represents a 0.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 10,000 shares of the company’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $164.41, for a total transaction of $1,644,100.00. Following the completion of the sale, the insider directly owned 198,609 shares of the company’s stock, valued at $32,653,305.69. The trade was a 4.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 386,608 shares of company stock valued at $50,371,351 over the last 90 days. Insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Acumen Wealth Advisors LLC acquired a new stake in Credo Technology Group during the 4th quarter worth about $25,000. Van ECK Associates Corp acquired a new stake in Credo Technology Group during the 4th quarter worth about $37,000. Quarry LP raised its holdings in Credo Technology Group by 642.5% during the 3rd quarter. Quarry LP now owns 297 shares of the company’s stock worth $43,000 after buying an additional 257 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after buying an additional 333 shares during the period. Finally, Transamerica Financial Advisors LLC raised its holdings in Credo Technology Group by 268.6% during the 4th quarter. Transamerica Financial Advisors LLC now owns 317 shares of the company’s stock worth $46,000 after buying an additional 231 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on CRDO. Rothschild & Co Redburn began coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 price target for the company. Needham & Company LLC restated a “buy” rating on shares of Credo Technology Group in a research report on Monday. Susquehanna reduced their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating for the company in a report on Tuesday, March 3rd. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, Rosenblatt Securities upped their price objective on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group presently has an average rating of “Buy” and an average target price of $214.18.

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.