Credo Technology Group (NASDAQ:CRDO) Trading 3.2% Higher – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price was up 3.2% on Monday . The company traded as high as $247.40 and last traded at $245.68. Approximately 10,066,449 shares were traded during mid-day trading, an increase of 28% from the average daily volume of 7,847,976 shares. The stock had previously closed at $238.00.

Analysts Set New Price Targets

A number of research firms have commented on CRDO. Rosenblatt Securities upped their price objective on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. boosted their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a report on Tuesday, June 2nd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Bank of America raised their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Finally, Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $263.11.

Credo Technology Group Stock Up 3.2%

The business has a 50-day moving average of $213.03 and a 200-day moving average of $157.10. The stock has a market cap of $45.81 billion, a price-to-earnings ratio of 99.06, a PEG ratio of 1.09 and a beta of 3.22.

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

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $270.94, for a total value of $7,450,850.00. Following the completion of the sale, the chief technology officer owned 5,937,370 shares of the company’s stock, valued at $1,608,671,027.80. The trade was a 0.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 40,000 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the transaction, the chief financial officer directly owned 501,873 shares in the company, valued at approximately $125,207,276.04. This represents a 7.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last three months, insiders sold 416,884 shares of company stock valued at $77,492,368. 11.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently added to or reduced their stakes in CRDO. Pacer Advisors Inc. raised its position in shares of Credo Technology Group by 32.6% in the first quarter. Pacer Advisors Inc. now owns 22,736 shares of the company’s stock valued at $2,134,000 after purchasing an additional 5,585 shares during the period. PVG Asset Management Corp acquired a new position in Credo Technology Group in the 1st quarter valued at $84,000. Carmignac Gestion bought a new position in Credo Technology Group in the 1st quarter worth $34,216,000. NewEdge Advisors LLC lifted its position in Credo Technology Group by 24.1% during the 1st quarter. NewEdge Advisors LLC now owns 5,883 shares of the company’s stock worth $552,000 after acquiring an additional 1,141 shares during the last quarter. Finally, Glenmede Trust Co. NA lifted its position in Credo Technology Group by 2.0% during the 1st quarter. Glenmede Trust Co. NA now owns 5,706 shares of the company’s stock worth $536,000 after acquiring an additional 114 shares during the last quarter. 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.