Credo Technology Group (NASDAQ:CRDO) Shares Gap Up After Analyst Upgrade

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price gapped up before the market opened on Monday after Stifel Nicolaus raised their price target on the stock from $250.00 to $350.00. The stock had previously closed at $271.83, but opened at $290.78. Stifel Nicolaus currently has a buy rating on the stock. Credo Technology Group shares last traded at $302.1990, with a volume of 2,355,767 shares.

A number of other analysts have also issued reports on the company. Roth Mkm lifted their price target on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. TD Cowen increased their price objective on Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Bank of America raised their price objective on Credo Technology Group from $210.00 to $252.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Susquehanna lifted their target price on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research note on Tuesday, June 2nd. Finally, Rosenblatt Securities upped their target price on shares of Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $258.22.

Insiders Place Their Bets

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the completion of the sale, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at $125,207,276.04. This trade represents a 7.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Friday, April 10th. The stock was sold at an average price of $118.25, for a total value of $3,251,875.00. Following the transaction, the chief technology officer owned 6,134,870 shares in the company, valued at approximately $725,448,377.50. This represents a 0.45% 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. Over the last 90 days, insiders have sold 416,884 shares of company stock valued at $72,809,943. Insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Credo Technology Group by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after buying an additional 59,849 shares during the last quarter. State Street Corp grew its position in Credo Technology Group by 23.4% in the fourth quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after acquiring an additional 849,654 shares during the period. Geode Capital Management LLC grew its position in Credo Technology Group by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after acquiring an additional 184,676 shares during the period. Corient Private Wealth LLC increased its stake in Credo Technology Group by 239,024.5% during the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after acquiring an additional 3,597,318 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Stock Up 11.5%

The company has a market cap of $56.54 billion, a PE ratio of 122.20, a P/E/G ratio of 1.43 and a beta of 3.22. The stock has a 50-day simple moving average of $199.85 and a 200 day simple moving average of $154.04.

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

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.