Credo Technology Group (NASDAQ:CRDO) Shares Gap Up – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $226.49, but opened at $239.15. Credo Technology Group shares last traded at $236.8320, with a volume of 946,525 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CRDO shares. Bank of America upped their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Rosenblatt Securities restated a “neutral” rating and set a $215.00 price target on shares of Credo Technology Group in a report on Monday, August 24th. Susquehanna upped their price target on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $268.39.

Credo Technology Group Trading Down 3.1%

The company’s fifty day simple moving average is $238.64 and its 200 day simple moving average is $186.88. The firm has a market capitalization of $43.74 billion, a P/E ratio of 93.85, a price-to-earnings-growth ratio of 1.10 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 earnings per share 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 firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the previous year, the firm posted $0.20 EPS. The company’s revenue for the quarter was up 157.0% compared to the same quarter last year. On average, analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,473 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $209.53, for a total value of $5,756,417.69. Following the completion of the transaction, the chief technology officer owned 5,772,397 shares in the company, valued at $1,209,490,343.41. This trade represents a 0.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the sale, the chief financial officer owned 504,708 shares in the company, valued at $124,097,603.04. This represents a 1.48% 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. In the last three months, insiders have sold 435,076 shares of company stock valued at $101,043,506. 11.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its holdings in shares of Credo Technology Group by 28,062.9% during the 2nd quarter. California State Teachers Retirement System now owns 67,840,375 shares of the company’s stock valued at $18,449,190,000 after buying an additional 67,599,489 shares in the last quarter. State Street Corp increased its stake in shares of 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 acquiring an additional 849,654 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Credo Technology Group by 5.0% in the 4th 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 in the last quarter. Corient Private Wealth LLC lifted its position 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 valued at $517,835,000 after acquiring an additional 3,597,318 shares during the period. Finally, Alliancebernstein L.P. lifted its position in Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after acquiring an additional 1,218,504 shares during the period. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.