Credo Technology Group (NASDAQ:CRDO) Shares Up 6.9% – Still a Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price traded up 6.9% on Tuesday . The company traded as high as $94.23 and last traded at $93.87. 7,211,039 shares traded hands during trading, an increase of 0% from the average session volume of 7,190,532 shares. The stock had previously closed at $87.81.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CRDO. Susquehanna dropped their price target on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research report on Tuesday, March 3rd. KGI Securities upgraded shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective for the company in a research report on Tuesday, December 2nd. Bank of America lifted their target price on shares of Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. The Goldman Sachs Group set a $165.00 target price on shares of Credo Technology Group and gave the company a “buy” rating in a report on Thursday, February 19th. Finally, Wolfe Research set a $240.00 price target on Credo Technology Group in a report on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $206.33.

Credo Technology Group Stock Up 6.9%

The stock has a 50 day simple moving average of $116.56 and a 200 day simple moving average of $140.53. The stock has a market cap of $17.31 billion, a price-to-earnings ratio of 52.15 and a beta of 2.67.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same quarter last year, the firm posted $0.25 EPS. Credo Technology Group’s revenue was up 201.5% compared to the same quarter last year. Equities analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $128.67, for a total transaction of $241,256.25. Following the completion of the transaction, the director owned 5,892,034 shares in the company, valued at approximately $758,128,014.78. The trade was a 0.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 18,016 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $2,120,122.88. Following the sale, the chief executive officer directly owned 234,609 shares of the company’s stock, valued at $27,608,787.12. This represents a 7.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 398,601 shares of company stock valued at $50,891,520 over the last three months. Corporate insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Crewe Advisors LLC lifted its stake in Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares in the last quarter. Reflection Asset Management purchased a new stake in shares of Credo Technology Group in the fourth quarter valued at about $25,000. Atlantic Union Bankshares Corp bought a new position in shares of Credo Technology Group during the third quarter valued at about $25,000. Acumen Wealth Advisors LLC purchased a new position in Credo Technology Group during the fourth quarter worth about $25,000. Finally, First Horizon Corp purchased a new position in Credo Technology Group during the third quarter worth about $26,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.