Credo Technology Group (NASDAQ:CRDO) Trading Up 2.9% – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares traded up 2.9% during trading on Friday . The company traded as high as $216.99 and last traded at $206.99. 6,402,688 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 7,615,182 shares. The stock had previously closed at $201.08.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of analyst reports. TD Cowen lifted their price objective on Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Jefferies Financial Group increased their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. The Goldman Sachs Group restated a “buy” rating and set a $250.00 target price on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 price target on the stock. Finally, Evercore assumed coverage on shares of Credo Technology Group in a research report on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group has an average rating of “Buy” and a consensus target price of $266.17.

Credo Technology Group Stock Up 2.9%

The stock has a fifty day simple moving average of $236.60 and a 200 day simple moving average of $171.84. The firm has a market capitalization of $38.60 billion, a P/E ratio of 83.46, a PEG ratio of 0.95 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data 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. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the prior year, the company posted $0.20 earnings per share. The business’s quarterly revenue was up 157.0% compared to the same quarter last year. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total value of $6,684,150.00. Following the completion of the transaction, the chief technology officer directly owned 5,882,370 shares in the company, valued at $1,429,768,852.20. This represents a 0.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 that occurred on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the sale, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. This trade represents a 7.38% decrease in their ownership of the stock. 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. In the last three months, insiders have sold 302,162 shares of company stock valued at $72,810,546. Corporate insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors have recently bought and sold shares of CRDO. NewEdge Advisors LLC lifted its stake in Credo Technology Group by 128.4% in the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after purchasing an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Credo Technology Group by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after purchasing an additional 7,107 shares in the last quarter. CW Advisors LLC bought a new stake in shares of Credo Technology Group in the second quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.