Credo Technology Group (NASDAQ:CRDO) Shares Up 2.6% – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) rose 2.6% during trading on Thursday . The stock traded as high as $238.74 and last traded at $230.43. Approximately 3,588,007 shares were traded during mid-day trading, a decline of 52% from the average session volume of 7,544,847 shares. The stock had previously closed at $224.63.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CRDO shares. Stifel Nicolaus increased their price objective on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Needham & Company LLC upped their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Mizuho increased their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a report on Tuesday, June 2nd. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $250.00 price target on shares of Credo Technology Group in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus price target of $266.17.

Credo Technology Group Price Performance

The stock’s 50 day simple moving average is $237.43 and its two-hundred day simple moving average is $174.54. The stock has a market cap of $46.60 billion, a price-to-earnings ratio of 100.76, a P/E/G ratio of 1.05 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.14. The firm 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%. The business’s revenue for the quarter was up 157.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 EPS. As a group, analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 55,441 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the transaction, the chief operating officer owned 2,529,169 shares in the company, valued at $538,763,580.38. This trade represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the sale, the chief financial officer directly owned 504,708 shares in the company, valued at $124,097,603.04. The trade was a 1.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 435,076 shares of company stock valued at $101,043,506 over the last quarter. 11.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Plato Investment Management Ltd acquired a new stake in Credo Technology Group in the 2nd quarter valued at $1,097,000. Accel Wealth Management acquired a new position in Credo Technology Group during the second quarter worth $383,000. Nolet Wealth Management LLC acquired a new position in Credo Technology Group during the second quarter worth $214,000. Generali Investments Management Co LLC bought a new position in shares of Credo Technology Group during the second quarter valued at $695,000. Finally, Redhawk Wealth Advisors Inc. bought a new position in shares of Credo Technology Group during the second quarter valued at $243,000. 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.