Credo Technology Group (NASDAQ:CRDO) Announces Quarterly Earnings Results

Credo Technology Group (NASDAQ:CRDO) issued its quarterly earnings results on Monday. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29, FiscalAI reports. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.

Credo Technology Group Stock Up 1.7%

Shares of CRDO traded up $1.95 during trading on Monday, reaching $114.22. The company’s stock had a trading volume of 10,254,749 shares, compared to its average volume of 6,707,855. The company has a market cap of $20.63 billion, a price-to-earnings ratio of 100.19 and a beta of 2.67. The company has a fifty day moving average of $133.78 and a two-hundred day moving average of $143.60. Credo Technology Group has a twelve month low of $29.09 and a twelve month high of $213.80.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Wolfe Research set a $240.00 target price on Credo Technology Group 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 report on Tuesday, December 2nd. Roth Mkm lowered their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a research report on Monday, December 29th. Finally, KGI Securities raised shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target on the stock in a research note on Tuesday, December 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $209.29.

Insider Buying and Selling

In other news, CEO William Joseph Brennan sold 18,016 shares of the company’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $127.69, for a total value of $2,300,463.04. Following the sale, the chief executive officer owned 252,625 shares in the company, valued at approximately $32,257,686.25. This represents a 6.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sylvia Acevedo sold 2,200 shares of Credo Technology Group stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $159.18, for a total value of $350,196.00. Following the completion of the transaction, the director owned 18,545 shares of the company’s stock, valued at $2,951,993.10. This trade represents a 10.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 917,976 shares of company stock worth $136,567,647. 11.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Acumen Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $25,000. Van ECK Associates Corp acquired a new position in shares of Credo Technology Group in the fourth quarter worth about $37,000. Quarry LP raised its stake in Credo Technology Group by 642.5% during the 3rd quarter. Quarry LP now owns 297 shares of the company’s stock valued at $43,000 after purchasing an additional 257 shares during the period. EverSource Wealth Advisors LLC lifted 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 valued at $46,000 after purchasing an additional 333 shares in the last quarter. Finally, Transamerica Financial Advisors LLC boosted its position in shares of Credo Technology Group by 268.6% in the fourth quarter. Transamerica Financial Advisors LLC now owns 317 shares of the company’s stock worth $46,000 after buying an additional 231 shares during the period. Institutional investors and hedge funds 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.