Credo Technology Group (NASDAQ:CRDO) Shares Up 5.6% – Still a Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded up 5.6% during mid-day trading on Monday . The stock traded as high as $116.13 and last traded at $115.98. 7,134,978 shares traded hands during mid-day trading, a decline of 2% from the average session volume of 7,261,156 shares. The stock had previously closed at $109.83.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Bank of America upped their price objective 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. TD Cowen reissued a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Wolfe Research set a $240.00 price target on Credo Technology Group in a research note on Tuesday, December 2nd. Barclays reiterated an “overweight” rating and issued a $260.00 target price on shares of Credo Technology Group in a research note on Thursday, January 15th. Finally, The Goldman Sachs Group set a $165.00 price objective on shares of Credo Technology Group and gave the stock a “buy” rating in a report on Thursday, February 19th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $206.33.

Credo Technology Group Stock Performance

The firm has a market cap of $21.39 billion, a price-to-earnings ratio of 64.43 and a beta of 2.67. The company’s fifty day moving average is $129.70 and its two-hundred day moving average is $143.41.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same quarter in the prior year, the business earned $0.25 earnings per share. The company’s revenue was up 201.5% compared to the same quarter last year. As a group, analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Yat Tung Lam sold 370,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.19, for a total value 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, December 29th. The stock was sold at an average price of $143.41, for a total transaction of $7,887,550.00. Following the transaction, the chief technology officer directly owned 6,448,961 shares in the company, valued at $924,845,497.01. The trade was a 0.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 861,101 shares of company stock worth $126,611,953. 11.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently made changes to their positions in the company. Crewe Advisors LLC increased its stake in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the period. Reflection Asset Management bought a new position in Credo Technology Group in the 4th quarter worth approximately $25,000. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group in the 3rd quarter valued at approximately $25,000. Acumen Wealth Advisors LLC acquired a new stake in Credo Technology Group in the 4th quarter valued at approximately $25,000. Finally, First Horizon Corp bought a new stake in Credo Technology Group during the 3rd quarter valued at $26,000. 80.46% of the stock is currently owned by institutional investors.

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.