Credo Technology Group (NASDAQ:CRDO) Stock Price Up 6% Following Analyst Upgrade

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price rose 6% 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. Approximately 4,654,295 shares traded hands during trading, a decline of 35% from the average daily volume of 7,186,155 shares. The stock had previously closed at $174.01.

Several other research analysts have also recently weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $220.00 target price on shares of Credo Technology Group in a report on Wednesday, April 15th. Craig Hallum reiterated a “buy” rating and issued a $200.00 price objective on shares of Credo Technology Group in a report on Tuesday, March 3rd. Barclays reiterated an “overweight” rating and issued a $260.00 price objective on shares of Credo Technology Group in a report on Thursday, January 15th. Weiss Ratings cut Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, April 24th. Finally, The Goldman Sachs Group upped their price objective on Credo Technology Group from $150.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $207.71.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. This represents a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares in the company, valued at $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 359,108 shares of company stock worth $45,449,126 over the last quarter. 11.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Crewe Advisors LLC lifted its stake in Credo Technology Group by 163.1% during the fourth 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 acquired a new position in Credo Technology Group during the fourth quarter worth $25,000. Atlantic Union Bankshares Corp acquired a new position in Credo Technology Group during the third quarter worth $25,000. Acumen Wealth Advisors LLC acquired a new position in Credo Technology Group during the fourth quarter worth $25,000. Finally, First Horizon Corp acquired a new position in Credo Technology Group during the third quarter worth $26,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

The business has a 50 day simple moving average of $125.98 and a 200 day simple moving average of $139.42. The company has a market capitalization of $34.01 billion, a price-to-earnings ratio of 102.43 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results 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 return on equity of 29.63% and a net margin of 31.81%.The company had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. During the same period in the prior year, the firm earned $0.25 earnings per share. The firm’s revenue was up 201.5% compared to the same quarter last year. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Credo Technology Group Company Profile

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.