Credo Technology Group (NASDAQ:CRDO) Stock Price Up 2.8% – Still a Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shot up 2.8% during mid-day trading on Tuesday . The company traded as high as $194.00 and last traded at $192.56. 8,145,363 shares traded hands during trading, an increase of 9% from the average session volume of 7,494,017 shares. The stock had previously closed at $187.27.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CRDO shares. Roth Capital boosted their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Susquehanna lifted their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Mizuho dropped their price objective on Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating on the stock in a research note on Monday. Weiss Ratings raised Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, September 18th. Finally, Jefferies Financial Group raised their target price on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $264.89.

Credo Technology Group Stock Performance

The business’s fifty day moving average price is $209.39 and its 200-day moving average price is $194.25. The stock has a market cap of $36.22 billion, a PE ratio of 68.08, a P/E/G ratio of 0.77 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The firm had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. During the same quarter in the prior year, the firm earned $0.52 EPS. The business’s revenue for the quarter was up 114.7% compared to the same quarter last year. Analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Yat Lam sold 55,441 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $213.02, for a total value of $11,810,041.82. Following the transaction, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. This trade represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 the business’s 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 transaction, the chief financial officer owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. This trade represents a 1.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 307,246 shares of company stock valued at $65,625,584 in the last 90 days. 9.06% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Orion Capital Management LLC purchased a new position in Credo Technology Group in the 2nd quarter worth approximately $27,000. Reflection Asset Management bought a new position in Credo Technology Group during the fourth quarter valued at $25,000. AlphaCentric Advisors LLC bought a new stake in shares of Credo Technology Group in the 1st quarter worth about $33,000. MCF Advisors LLC raised its position in shares of Credo Technology Group by 309.9% during the 4th quarter. MCF Advisors LLC now owns 373 shares of the company’s stock valued at $54,000 after buying an additional 282 shares in the last quarter. Finally, Western Wealth Management LLC purchased a new position in shares of Credo Technology Group in the 1st quarter worth approximately $38,000. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.