Credo Technology Group (NASDAQ:CRDO) Shares Up 1.1% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares traded up 1.1% during mid-day trading on Thursday. The company traded as high as $196.43 and last traded at $195.97. Approximately 5,748,131 shares changed hands during trading, a decline of 23% from the average daily volume of 7,486,487 shares. The stock had previously closed at $193.87.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CRDO shares. Bank of America lowered their target price on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a report on Wednesday, September 2nd. Rosenblatt Securities increased their price objective on shares of Credo Technology Group from $215.00 to $235.00 and gave the company a “neutral” rating in a report on Wednesday, September 2nd. TD Cowen raised their price objective on Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, August 18th. Barclays boosted their target price on Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Finally, Jefferies Financial Group increased their price target on Credo Technology Group from $225.00 to $270.00 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 assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $264.89.

Credo Technology Group Price Performance

The firm has a market capitalization of $36.83 billion, a PE ratio of 69.74, a P/E/G ratio of 0.77 and a beta of 3.22. The business has a 50-day simple moving average of $209.39 and a 200-day simple moving average of $194.25.

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

Insider Activity

In related news, CTO Chi Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $205.54, for a total transaction of $5,652,350.00. Following the completion of the transaction, the chief technology officer directly owned 5,799,870 shares of the company’s stock, valued at approximately $1,192,105,279.80. The trade was a 0.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Lam sold 55,441 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the transaction, the chief operating officer owned 2,529,169 shares in the company, valued at $538,763,580.38. The trade was a 2.15% 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. Over the last three months, insiders have sold 307,246 shares of company stock worth $65,625,584. 9.06% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System increased its position 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 acquiring an additional 5,113 shares during the period. Corsair Capital Management L.P. bought a new position in Credo Technology Group in the first quarter worth approximately $469,000. Lazard Asset Management LLC increased its holdings in Credo Technology Group by 55.6% during the 1st quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock worth $6,294,000 after purchasing an additional 23,949 shares during the period. Quantinno Capital Management LP raised 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 valued at $3,203,000 after purchasing an additional 13,859 shares in the last quarter. Finally, Estuary Capital Management LP raised 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 valued at $38,696,000 after purchasing an additional 192,218 shares in the last quarter. Hedge funds and other institutional investors 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.