Credo Technology Group (NASDAQ:CRDO) Stock Price Up 2.2% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded up 2.2% during mid-day trading on Wednesday . The company traded as high as $124.69 and last traded at $123.46. 5,266,370 shares changed hands during mid-day trading, a decline of 21% from the average session volume of 6,635,887 shares. The stock had previously closed at $120.83.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CRDO. Roth Mkm dropped their price objective on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. New Street Research set a $240.00 price target on Credo Technology Group in a research report on Tuesday, December 2nd. Barclays reissued an “overweight” rating and issued a $260.00 price objective on shares of Credo Technology Group in a report on Thursday, January 15th. Bank of America raised their price objective on Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Finally, Wolfe Research set a $240.00 target price on Credo Technology Group in a research report on Tuesday, December 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and an average price target of $209.29.

Credo Technology Group Stock Up 2.2%

The stock has a market cap of $22.30 billion, a PE ratio of 108.30 and a beta of 2.65. The business has a 50 day moving average price of $135.24 and a 200 day moving average price of $143.70.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. During the same period in the previous year, the company posted $0.07 earnings per share. Credo Technology Group’s revenue for the quarter was up 272.1% on a year-over-year basis. On average, research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Yat Tung Lam sold 370,000 shares of Credo Technology Group stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $153.19, for a total value of $56,680,300.00. Following the completion of the transaction, the chief operating officer owned 400,000 shares in the company, valued at $61,276,000. The trade was a 48.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $153.16, for a total value of $7,658,000.00. Following the transaction, the chief executive officer directly owned 1,892,502 shares of the company’s stock, valued at approximately $289,855,606.32. The trade was a 2.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 917,976 shares of company stock worth $136,567,647. Company insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

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