Credo Technology Group (NASDAQ:CRDO) Shares Up 6.1% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price traded up 6.1% on Thursday . The stock traded as high as $244.46 and last traded at $240.24. 4,190,785 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 7,235,121 shares. The stock had previously closed at $226.49.

Analysts Set New Price Targets

CRDO has been the subject of several recent analyst reports. Roth Capital upped their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. increased their price objective on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, June 2nd. Bank of America raised their target price on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. The Goldman Sachs Group reaffirmed a “buy” rating and set a $250.00 target price on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Finally, Wall Street Zen lowered Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus price target of $268.39.

Credo Technology Group Price Performance

The firm has a market capitalization of $44.80 billion, a P/E ratio of 96.87, a PEG ratio of 1.04 and a beta of 3.23. The firm’s fifty day moving average price is $240.05 and its 200-day moving average price is $185.65.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. During the same quarter in the previous year, the company earned $0.20 earnings per share. The firm’s quarterly revenue was up 157.0% compared to the same quarter last year. Analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO William Joseph Brennan sold 54,984 shares of Credo Technology Group stock in a transaction on 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 transaction, the chief executive officer owned 367,327 shares in the company, valued at approximately $80,286,662.39. The trade was a 13.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total value of $6,684,150.00. Following the transaction, the chief technology officer directly owned 5,882,370 shares in the company, valued at $1,429,768,852.20. The trade was a 0.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 435,076 shares of company stock worth $101,043,506. Company insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently bought and sold shares of CRDO. California State Teachers Retirement System lifted its position in Credo Technology Group by 28,062.9% in the 2nd quarter. California State Teachers Retirement System now owns 67,840,375 shares of the company’s stock worth $18,449,190,000 after buying an additional 67,599,489 shares in the last quarter. Corient Private Wealth LLC grew its holdings in shares of 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 valued at $517,835,000 after acquiring an additional 3,597,318 shares in the last quarter. Amundi increased its stake in shares of Credo Technology Group by 28,478.2% in the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after acquiring an additional 1,554,338 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Credo Technology Group by 841.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock worth $228,979,000 after acquiring an additional 1,422,391 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after acquiring an additional 1,406,752 shares in the last quarter. Hedge funds and other 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.