Credo Technology Group (NASDAQ:CRDO) Trading 5.5% Higher – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) rose 5.5% on Monday . The company traded as high as $219.79 and last traded at $218.35. Approximately 4,635,941 shares were traded during mid-day trading, a decline of 39% from the average session volume of 7,601,887 shares. The stock had previously closed at $206.99.

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of research analyst reports. The Goldman Sachs Group reiterated a “buy” rating and set a $250.00 price target on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Roth Capital upped their price objective on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Rothschild & Co Redburn began coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 target price on the stock. Barclays lifted their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Finally, Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus price target of $266.17.

Credo Technology Group Price Performance

The company has a 50 day simple moving average of $236.60 and a 200-day simple moving average of $171.95. The stock has a market cap of $40.72 billion, a P/E ratio of 88.04, a price-to-earnings-growth ratio of 0.95 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. The firm 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 revenue was up 157.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.20 EPS. As a group, research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $205.54, for a total value of $5,652,350.00. Following the completion of the sale, the chief technology officer directly owned 5,799,870 shares in the company, valued at approximately $1,192,105,279.80. The trade was a 0.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 302,162 shares of company stock valued at $72,810,546. 11.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently added to or reduced their stakes in the business. City Center Advisors LLC boosted its position in Credo Technology Group by 2.1% during the second quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock valued at $706,000 after buying an additional 53 shares during the period. Versant Capital Management Inc increased its holdings in shares of Credo Technology Group by 8.0% in the second quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock worth $205,000 after buying an additional 56 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Credo Technology Group by 16.2% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after buying an additional 77 shares during the period. QRG Capital Management Inc. lifted its stake in shares of Credo Technology Group by 1.7% in the 1st quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock valued at $507,000 after acquiring an additional 91 shares during the last quarter. Finally, Bank of Nova Scotia lifted its stake in shares of Credo Technology Group by 1.6% in the 1st quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock valued at $566,000 after acquiring an additional 92 shares during the last quarter. Hedge funds and other 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.