Credo Technology Group (NASDAQ:CRDO) Shares Up 3.2% – Time to Buy?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) were up 3.2% on Monday . The company traded as high as $247.40 and last traded at $245.68. Approximately 10,066,449 shares were traded during trading, an increase of 28% from the average session volume of 7,847,976 shares. The stock had previously closed at $238.00.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CRDO. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Mizuho raised their price objective on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Evercore started coverage on shares of Credo Technology Group in a research report on Monday, June 22nd. They issued an “outperform” rating and a $325.00 target price for the company. Craig Hallum reissued a “buy” rating and issued a $200.00 target price on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Finally, Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $263.11.

Credo Technology Group Price Performance

The stock has a fifty day moving average price of $217.01 and a two-hundred day moving average price of $158.44. The company has a market cap of $48.29 billion, a P/E ratio of 105.44, a PEG ratio of 1.12 and a beta of 3.22.

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

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $118.25, for a total transaction of $3,251,875.00. Following the transaction, the chief technology officer owned 6,134,870 shares of the company’s stock, valued at approximately $725,448,377.50. This trade represents a 0.45% 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. Also, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the completion of the sale, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders sold 389,384 shares of company stock worth $74,982,168 in the last 90 days. Corporate insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Vanguard Group Inc. lifted its holdings in shares of Credo Technology Group by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock valued at $2,386,449,000 after buying an additional 59,849 shares during the period. State Street Corp grew its holdings in Credo Technology Group by 23.4% during the fourth quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after acquiring an additional 849,654 shares during the period. Geode Capital Management LLC raised its position in Credo Technology Group by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after acquiring an additional 184,676 shares in the last quarter. Corient Private Wealth LLC raised its position in Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after acquiring an additional 3,597,318 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after acquiring an additional 1,218,504 shares during the last quarter. 80.46% of the stock is owned by institutional investors.

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.