Credo Technology Group (NASDAQ:CRDO) Shares Up 1.5% – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price was up 1.5% during mid-day trading on Tuesday . The company traded as high as $233.70 and last traded at $221.64. Approximately 9,531,971 shares were traded during trading, an increase of 34% from the average daily volume of 7,104,088 shares. The stock had previously closed at $218.41.

Analysts Set New Price Targets

A number of research analysts have issued reports on CRDO shares. The Goldman Sachs Group boosted their price objective on shares of Credo Technology Group from $150.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Susquehanna reduced their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research report on Tuesday, March 3rd. Stifel Nicolaus set a $200.00 price objective on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Mizuho reduced their price objective on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $220.00 price objective on shares of Credo Technology Group in a research report on Wednesday, April 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group has a consensus rating of “Buy” and an average price target of $207.71.

Credo Technology Group Trading Up 1.5%

The stock has a market cap of $40.88 billion, a P/E ratio of 123.13 and a beta of 3.17. The stock’s fifty day moving average price is $148.95 and its 200 day moving average price is $143.17.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. During the same quarter in the previous year, the business posted $0.25 EPS. The company’s quarterly revenue was up 201.5% on a year-over-year basis. As a group, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $178.99, for a total value of $4,922,225.00. Following the transaction, the chief technology officer owned 6,024,870 shares in the company, valued at $1,078,391,481.30. The trade was a 0.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 6,149 shares of the company’s stock in a transaction dated Sunday, April 5th. The stock was sold at an average price of $101.45, for a total transaction of $623,816.05. Following the completion of the transaction, the chief executive officer owned 222,311 shares in the company, valued at approximately $22,553,450.95. The trade was a 2.69% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 386,608 shares of company stock worth $50,371,351. Corporate insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently bought and sold shares of the company. Crewe Advisors LLC boosted its stake in Credo Technology Group by 163.1% in the 4th 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 bought a new position in Credo Technology Group in the 4th quarter worth about $25,000. Atlantic Union Bankshares Corp bought a new position in Credo Technology Group in the 3rd quarter worth about $25,000. Acumen Wealth Advisors LLC bought a new position in Credo Technology Group in the 4th quarter worth about $25,000. Finally, Flagship Harbor Advisors LLC bought a new position in Credo Technology Group in the 4th quarter worth about $32,000. 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.