Credo Technology Group (NASDAQ:CRDO) Shares Gap Up – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price gapped up before the market opened on Monday . The stock had previously closed at $202.68, but opened at $213.50. Credo Technology Group shares last traded at $213.6190, with a volume of 1,093,194 shares changing hands.

Analysts Set New Price Targets

CRDO has been the topic of several research reports. Jefferies Financial Group lifted their target price on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Rothschild & Co Redburn began coverage on Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 price target for the company. Bank of America lifted their price objective on Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. TD Cowen upped their price objective on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Barclays reiterated an “overweight” rating and set a $300.00 target price on shares of Credo Technology Group in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $265.33.

Credo Technology Group Trading Up 4.8%

The firm has a market capitalization of $39.62 billion, a P/E ratio of 86.02, a price-to-earnings-growth ratio of 0.93 and a beta of 3.20. The firm has a 50 day moving average price of $232.10 and a 200-day moving average price of $167.29.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 1st. The company reported $1.16 earnings per share 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 the consensus estimate 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 for the quarter was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 EPS. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 40,000 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Joseph Brennan sold 54,984 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the sale, the chief executive officer owned 367,327 shares of the company’s stock, valued at $80,286,662.39. This trade represents a 13.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 329,662 shares of company stock worth $76,068,196 over the last quarter. Insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Crewe Advisors LLC lifted its stake in shares of Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares during the last quarter. Reflection Asset Management bought a new position in Credo Technology Group in the 4th quarter valued at $25,000. Acumen Wealth Advisors LLC purchased a new stake in Credo Technology Group in the fourth quarter worth $25,000. Flagship Harbor Advisors LLC bought a new stake in shares of Credo Technology Group during the fourth quarter worth $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new stake in shares of Credo Technology Group during the fourth quarter worth $36,000. 80.46% of the stock is owned by hedge funds and other 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.