Credo Technology Group (NASDAQ:CRDO) Trading 3.6% Higher – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded up 3.6% during mid-day trading on Thursday . The stock traded as high as $241.14 and last traded at $236.50. 4,478,370 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 7,677,271 shares. The stock had previously closed at $228.27.

Analysts Set New Price Targets

Several equities research analysts recently commented on CRDO shares. The Goldman Sachs Group reiterated a “buy” rating and set a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Barclays raised their price objective on Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday. Rosenblatt Securities lifted their target price on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Finally, Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $266.17.

Credo Technology Group Trading Up 3.6%

The stock has a market cap of $44.10 billion, a price-to-earnings ratio of 95.36, a PEG ratio of 1.02 and a beta of 3.20. The stock’s 50 day moving average is $233.42 and its two-hundred day moving average is $168.92.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. Credo Technology Group’s quarterly revenue was up 157.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.20 earnings per share. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Activity at Credo Technology Group

In related news, CEO William Joseph Brennan sold 54,984 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $218.57, for a total value of $12,017,852.88. Following the transaction, the chief executive officer owned 367,327 shares in the company, valued at $80,286,662.39. The trade was a 13.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total value of $6,684,150.00. Following the sale, the chief technology officer directly owned 5,882,370 shares of the company’s stock, valued at approximately $1,429,768,852.20. This represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 302,162 shares of company stock worth $70,897,646 in the last quarter. Company insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in CRDO. Crewe Advisors LLC boosted its stake in shares of 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 acquiring an additional 106 shares in the last quarter. Reflection Asset Management acquired a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $25,000. Acumen Wealth Advisors LLC purchased a new position in Credo Technology Group in the 4th quarter valued at approximately $25,000. Flagship Harbor Advisors LLC purchased a new position in Credo Technology Group in the 4th quarter valued at approximately $32,000. Finally, AlphaCentric Advisors LLC acquired a new position in Credo Technology Group during the first quarter worth $33,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.