Credo Technology Group (NASDAQ:CRDO) Stock Price Up 10.3% – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price shot up 10.3% during mid-day trading on Monday. The stock traded as high as $136.89 and last traded at $132.89. 8,923,533 shares changed hands during trading, an increase of 16% from the average daily volume of 7,700,517 shares. The stock had previously closed at $120.51.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Stifel Nicolaus decreased their price objective on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. JPMorgan Chase & Co. lowered their price target on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 2nd. Barclays raised their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Finally, Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $262.67.

Credo Technology Group Price Performance

The business’s 50-day moving average price is $174.75 and its two-hundred day moving average price is $180.23. The firm has a market cap of $26.58 billion, a price-to-earnings ratio of 50.32, a price-to-earnings-growth ratio of 0.53 and a beta of 3.29.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. The firm had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. Credo Technology Group’s revenue was up 114.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.52 earnings per share. As a group, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Yat Lam sold 50,000 shares of Credo Technology Group stock in a transaction on Friday, September 25th. The stock was sold at an average price of $206.30, for a total value of $10,315,000.00. Following the transaction, the chief operating officer owned 2,479,169 shares in the company, valued at approximately $511,452,564.70. This trade represents a 1.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the business’s stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $193.93, for a total value of $5,333,075.00. Following the sale, the chief technology officer directly owned 5,662,397 shares of the company’s stock, valued at approximately $1,098,108,650.21. This trade represents a 0.48% decrease in their position. 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 a total of 352,538 shares of company stock valued at $67,200,077 over the last quarter. Company insiders own 9.06% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Orion Capital Management LLC purchased a new position in shares of Credo Technology Group in the 2nd quarter valued at $27,000. Hoey Investments Inc. acquired a new position in shares of Credo Technology Group during the third quarter worth about $31,000. Burkett Financial Services LLC purchased a new stake in shares of Credo Technology Group in the third quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Credo Technology Group by 4,900.0% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 200 shares of the company’s stock worth $39,000 after buying an additional 196 shares during the period. Finally, Alpine Bank Wealth Management acquired a new stake in shares of Credo Technology Group in the third quarter valued at about $40,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

Credo Technology Group designs and supplies high-speed connectivity solutions for data infrastructure, including data centers and networking systems. Its products help move data between processors, servers, switches and other equipment used in demanding, high-bandwidth environments. The company’s offerings include active electrical cables, semiconductor and optical digital signal processing products, retimers, and other connectivity components. These solutions are used in applications such as cloud computing and artificial intelligence infrastructure.