Credo Technology Group (NASDAQ:CRDO) Stock Price Up 4.6% – Here’s Why

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shot up 4.6% on Monday . The stock traded as high as $221.42 and last traded at $212.07. Approximately 5,172,485 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 7,748,974 shares. The stock had previously closed at $202.68.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Jefferies Financial Group raised their price target on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. boosted their price objective on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research report on Tuesday, June 2nd. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Finally, Evercore started coverage on shares of Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Credo Technology Group has an average rating of “Buy” and a consensus target price of $265.33.

Credo Technology Group Trading Up 4.6%

The stock has a market capitalization of $39.55 billion, a price-to-earnings ratio of 85.51, a price-to-earnings-growth ratio of 0.93 and a beta of 3.20. The business has a 50 day simple moving average of $232.10 and a 200-day simple moving average of $167.29.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the prior year, the company posted $0.20 EPS. The company’s quarterly revenue was up 157.0% compared to the same quarter last year. Research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Buying and Selling

In other Credo Technology Group news, CEO William Joseph Brennan sold 54,984 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were 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 of the company’s stock, valued at $80,286,662.39. This trade represents a 13.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 40,000 shares of Credo Technology Group stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the completion of the transaction, the chief financial officer owned 501,873 shares in the company, valued at approximately $125,207,276.04. This trade represents a 7.38% decrease in their position. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 329,662 shares of company stock valued at $76,068,196. Insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Accel Wealth Management acquired a new position in Credo Technology Group in the second quarter valued at $383,000. Nolet Wealth Management LLC purchased a new position in shares of Credo Technology Group in the 2nd quarter worth about $214,000. Generali Investments Management Co LLC purchased a new position in shares of Credo Technology Group in the 2nd quarter worth about $695,000. Redhawk Wealth Advisors Inc. acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at about $243,000. Finally, Wealthcare Advisory Partners LLC grew its holdings in shares of Credo Technology Group by 3.0% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 3,458 shares of the company’s stock worth $940,000 after purchasing an additional 101 shares during the period. 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.