Credo Technology Group (NASDAQ:CRDO) Trading 1.2% Higher – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares traded up 1.2% on Friday . The company traded as high as $155.41 and last traded at $150.97. 4,331,250 shares traded hands during trading, a decline of 31% from the average session volume of 6,273,158 shares. The stock had previously closed at $149.12.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. TD Cowen increased their price target on shares of Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Susquehanna increased their target price on Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research report on Wednesday, October 22nd. Bank of America raised their target price on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Wall Street Zen raised Credo Technology Group from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. Finally, Cowen reissued a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $220.42.

Credo Technology Group Price Performance

The stock has a 50 day simple moving average of $152.88 and a 200-day simple moving average of $139.06. The firm has a market cap of $27.27 billion, a PE ratio of 132.43 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company’s revenue was up 272.1% on a year-over-year basis. During the same period last year, the company earned $0.07 earnings per share. As a group, equities analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction that occurred on Thursday, October 30th. The shares were sold at an average price of $171.23, for a total transaction of $8,561,500.00. Following the sale, the chief executive officer owned 1,942,502 shares in the company, valued at $332,614,617.46. This represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Yat Tung Lam sold 370,000 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the completion of the transaction, the chief operating officer owned 400,000 shares of the company’s stock, valued at approximately $61,276,000. The trade was a 48.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 1,090,476 shares of company stock worth $167,418,363. Corporate insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Large investors have recently bought and sold shares of the business. Atlantic Union Bankshares Corp bought a new position in Credo Technology Group during the 3rd quarter valued at about $25,000. Crewe Advisors LLC lifted its position in Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the period. First Horizon Corp purchased a new stake in Credo Technology Group in the third quarter worth approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in Credo Technology Group in the 2nd quarter worth approximately $27,000. Finally, Smartleaf Asset Management LLC raised its stake in Credo Technology Group by 133.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after buying an additional 147 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

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.