Credo Technology Group (NASDAQ:CRDO) Trading 6% Higher Following Analyst Upgrade

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price was up 6% during trading on Friday after Rothschild & Co Redburn upgraded the stock to a strong-buy rating. Rothschild & Co Redburn now has a $206.00 price target on the stock. Credo Technology Group traded as high as $184.88 and last traded at $184.38. 4,654,295 shares changed hands during trading, a decline of 35% from the average session volume of 7,186,155 shares. The stock had previously closed at $174.01.

Other analysts have also recently issued research reports about the stock. Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, April 24th. Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Jefferies Financial Group started coverage on shares of Credo Technology Group in a research report on Monday, April 13th. They issued a “buy” rating and a $175.00 price objective for the company. Rosenblatt Securities upped their price objective on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Finally, Needham & Company LLC restated a “buy” rating and issued a $220.00 price objective on shares of Credo Technology Group in a research report on Wednesday, April 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and a consensus price target of $207.71.

Insiders Place Their Bets

In other Credo Technology Group news, insider James Laufman sold 10,000 shares of the stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $164.41, for a total transaction of $1,644,100.00. Following the completion of the transaction, the insider owned 198,609 shares in the company, valued at approximately $32,653,305.69. This represents a 4.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Yat Tung Lam sold 3,180 shares of the stock in a transaction dated Sunday, April 5th. The stock was sold at an average price of $101.45, for a total value of $322,611.00. Following the transaction, the chief operating officer owned 2,610,329 shares of the company’s stock, valued at approximately $264,817,877.05. This trade represents a 0.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 359,108 shares of company stock worth $45,449,126 over the last 90 days. 11.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently added to or reduced their stakes in the company. Crewe Advisors LLC increased its holdings in Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after purchasing an additional 106 shares in the last quarter. Reflection Asset Management bought a new position in Credo Technology Group during the 4th quarter worth about $25,000. Atlantic Union Bankshares Corp bought a new position in Credo Technology Group during the 3rd quarter worth about $25,000. Acumen Wealth Advisors LLC bought a new position in Credo Technology Group during the 4th quarter worth about $25,000. Finally, First Horizon Corp bought a new position in Credo Technology Group during the 3rd quarter worth about $26,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

The stock has a fifty day simple moving average of $125.98 and a 200-day simple moving average of $139.42. The stock has a market cap of $34.01 billion, a P/E ratio of 102.43 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same period in the prior year, the business posted $0.25 EPS. The company’s quarterly revenue was up 201.5% on a year-over-year basis. On average, research analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

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.