Credo Technology Group (NASDAQ:CRDO) Stock Price Up 7.4% – Time to Buy?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded up 7.4% on Wednesday . The stock traded as high as $164.55 and last traded at $161.49. 8,812,546 shares changed hands during trading, an increase of 19% from the average session volume of 7,427,580 shares. The stock had previously closed at $150.39.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CRDO shares. Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. Stifel Nicolaus raised their target price on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. TD Cowen lifted their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, August 18th. Evercore set a $292.00 price target on shares of Credo Technology Group in a research note on Wednesday, September 2nd. Finally, Roth Capital lifted their target price on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $267.39.

Credo Technology Group Price Performance

The firm has a fifty day moving average price of $213.55 and a 200 day moving average price of $191.99. The firm has a market capitalization of $31.62 billion, a PE ratio of 59.88, a P/E/G ratio of 0.64 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.17 by $0.03. The business had revenue of $479.00 million during the quarter, compared to the consensus estimate of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The firm’s quarterly revenue was up 114.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 EPS. On average, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CFO Daniel Fleming sold 7,580 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the sale, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at $124,097,603.04. The trade was a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Lam sold 50,000 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $213.33, for a total value of $10,666,500.00. Following the transaction, the chief operating officer owned 300,000 shares in the company, valued at approximately $63,999,000. This trade represents a 14.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 302,246 shares of company stock worth $67,575,984. 9.06% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

Several institutional investors have recently modified their holdings of the company. California State Teachers Retirement System increased its holdings in shares of Credo Technology Group by 2.2% during the first quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after buying an additional 5,113 shares in the last quarter. Corsair Capital Management L.P. acquired a new position in shares of Credo Technology Group in the 1st quarter worth approximately $469,000. Lazard Asset Management LLC boosted its holdings in shares of Credo Technology Group by 55.6% in the 1st quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock worth $6,294,000 after acquiring an additional 23,949 shares in the last quarter. Quantinno Capital Management LP grew its position in Credo Technology Group by 68.4% during the 1st quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock worth $3,203,000 after acquiring an additional 13,859 shares during the last quarter. Finally, Estuary Capital Management LP grew its position in Credo Technology Group by 87.4% during the 1st quarter. Estuary Capital Management LP now owns 412,227 shares of the company’s stock worth $38,696,000 after acquiring an additional 192,218 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.