Credo Technology Group (NASDAQ:CRDO) Shares Up 5.8% – Should You Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shot up 5.8% during mid-day trading on Thursday . The stock traded as high as $102.38 and last traded at $101.45. Approximately 5,065,088 shares were traded during trading, a decline of 29% from the average session volume of 7,124,820 shares. The stock had previously closed at $95.92.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CRDO shares. Roth Mkm dropped their target price on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. The Goldman Sachs Group set a $165.00 price objective on shares of Credo Technology Group and gave the company a “buy” rating in a research note on Thursday, February 19th. Rosenblatt Securities reiterated a “neutral” rating and set a $125.00 price target on shares of Credo Technology Group in a report on Monday, March 23rd. Stifel Nicolaus set a $200.00 price objective on Credo Technology Group in a research note on Tuesday, March 3rd. Finally, Barclays reaffirmed an “overweight” rating and set a $260.00 target price on shares of Credo Technology Group in a research report on Thursday, January 15th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $206.33.

Credo Technology Group Stock Up 5.8%

The stock has a market capitalization of $18.71 billion, a P/E ratio of 56.36 and a beta of 2.71. The business has a 50-day simple moving average of $114.51 and a two-hundred day simple moving average of $139.74.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data 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. The firm had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The business’s revenue for the quarter was up 201.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 EPS. On average, sell-side analysts forecast 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, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $127.69, for a total value of $6,384,500.00. Following the transaction, the chief executive officer owned 1,832,502 shares of the company’s stock, valued at approximately $233,992,180.38. The trade was a 2.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 30,000 shares of the business’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $136.33, for a total transaction of $4,089,900.00. Following the completion of the sale, the chief technology officer directly owned 6,327,370 shares in the company, valued at $862,610,352.10. This represents a 0.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 426,101 shares of company stock worth $53,401,720. Company insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Atlantic Union Bankshares Corp acquired a new position in shares of Credo Technology Group in the third quarter valued at $25,000. Crewe Advisors LLC boosted its holdings in Credo Technology Group by 163.1% in the 4th 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. Reflection Asset Management bought a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $25,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter worth $25,000. Finally, First Horizon Corp acquired a new stake in Credo Technology Group during the third quarter worth about $26,000. 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.