Credo Technology Group (NASDAQ:CRDO) Trading 1.5% Higher – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price shot up 1.5% during trading on Tuesday . The stock traded as high as $158.87 and last traded at $153.22. 6,072,430 shares changed hands during trading, a decline of 3% from the average session volume of 6,259,941 shares. The stock had previously closed at $150.97.

Analysts Set New Price Targets

CRDO has been the subject of several research reports. KGI Securities raised Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective for the company in a report on Tuesday, December 2nd. Bank of America raised their price target on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. New Street Research set a $240.00 price objective on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Wall Street Zen upgraded shares of Credo Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. Finally, Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus price target of $220.42.

Credo Technology Group Trading Up 1.5%

The business has a 50 day simple moving average of $152.39 and a two-hundred day simple moving average of $140.24. The company has a market cap of $27.68 billion, a PE ratio of 134.40 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. During the same quarter in the previous year, the business earned $0.07 earnings per share. The business’s revenue for the quarter was up 272.1% on a year-over-year basis. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 370,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the completion of the sale, the chief operating officer owned 400,000 shares of the company’s stock, valued at approximately $61,276,000. The trade was a 48.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $171.23, for a total value of $8,561,500.00. Following the sale, the chief executive officer owned 1,942,502 shares of the company’s stock, valued at $332,614,617.46. This represents a 2.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,065,476 shares of company stock worth $163,813,763 in the last quarter. 11.84% of the stock is owned by insiders.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently modified their holdings of CRDO. Vanguard Group Inc. raised its holdings in Credo Technology Group by 0.9% in the third quarter. Vanguard Group Inc. now owns 16,525,380 shares of the company’s stock valued at $2,406,261,000 after buying an additional 150,012 shares during the period. JPMorgan Chase & Co. grew its stake in Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after buying an additional 1,190,522 shares during the period. Geode Capital Management LLC increased its position in shares of Credo Technology Group by 4.7% in the second quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock worth $334,740,000 after acquiring an additional 163,305 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Credo Technology Group by 66.0% in 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 in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after acquiring an additional 1,406,752 shares during the period. Hedge funds and other 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.