Credo Technology Group (NASDAQ:CRDO) Trading 6.9% Higher – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares traded up 6.9% during mid-day trading on Tuesday . The stock traded as high as $94.23 and last traded at $93.87. 7,211,039 shares were traded during mid-day trading, an increase of 0% from the average session volume of 7,190,532 shares. The stock had previously closed at $87.81.

Wall Street Analyst Weigh In

CRDO has been the subject of several research analyst reports. Mizuho dropped their price objective on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, March 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a report on Friday, March 27th. The Goldman Sachs Group set a $165.00 price objective on shares of Credo Technology Group and gave the company a “buy” rating in a research note on Thursday, February 19th. Barclays reiterated an “overweight” rating and set a $260.00 target price on shares of Credo Technology Group in a research report on Thursday, January 15th. Finally, Susquehanna cut their price target on Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research note on Tuesday, March 3rd. Two 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, Credo Technology Group presently has a consensus rating of “Buy” and an average price target of $206.33.

Credo Technology Group Stock Up 6.5%

The company’s fifty day simple moving average is $114.51 and its two-hundred day simple moving average is $139.74. The company has a market capitalization of $18.85 billion, a price-to-earnings ratio of 56.67 and a beta of 2.71.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. The business had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm’s quarterly revenue was up 201.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.25 EPS. Equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $136.33, for a total value of $4,089,900.00. Following the completion of the transaction, the chief technology officer directly owned 6,327,370 shares in the company, valued at approximately $862,610,352.10. The trade was a 0.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $127.69, for a total value of $6,384,500.00. Following the sale, the chief executive officer directly owned 1,832,502 shares of the company’s stock, valued at approximately $233,992,180.38. The trade was a 2.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 398,601 shares of company stock valued at $50,891,520. Insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Credo Technology Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after acquiring an additional 59,849 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Credo Technology Group by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock valued at $1,121,118,000 after acquiring an additional 1,190,522 shares in the last quarter. State Street Corp boosted its stake in Credo Technology Group by 23.4% in the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after purchasing an additional 849,654 shares during the period. Geode Capital Management LLC increased its holdings in Credo Technology Group by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after purchasing an additional 184,676 shares in the last quarter. Finally, Corient Private Wealth LLC increased its holdings in Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after purchasing an additional 3,597,318 shares in the last quarter. 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.