Credo Technology Group (NASDAQ:CRDO) Trading Up 1.1% – Time to Buy?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) were up 1.1% on Thursday . The stock traded as high as $101.82 and last traded at $98.06. Approximately 8,156,243 shares were traded during mid-day trading, an increase of 20% from the average daily volume of 6,770,186 shares. The stock had previously closed at $96.95.

Analysts Set New Price Targets

CRDO has been the subject of a number of research reports. Susquehanna boosted their price target on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, October 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. Mizuho upped their target price on shares of Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd. Rosenblatt Securities started coverage on Credo Technology Group in a research note on Wednesday, January 21st. They set a “neutral” rating and a $170.00 price target for the company. Finally, Barclays reiterated an “overweight” rating and set a $260.00 price objective on shares of Credo Technology Group in a research report on Thursday, January 15th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $216.54.

Credo Technology Group Stock Up 1.1%

The firm’s fifty day moving average price is $147.68 and its 200-day moving average price is $142.08. The stock has a market cap of $17.71 billion, a P/E ratio of 86.02 and a beta of 2.65.

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

Insider Buying and Selling

In related news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction on Friday, January 30th. The shares were sold at an average price of $128.67, for a total value of $241,256.25. Following the sale, the director owned 5,892,034 shares in the company, valued at $758,128,014.78. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $127.37, for a total transaction of $3,502,675.00. Following the sale, the chief technology officer directly owned 6,299,870 shares in the company, valued at $802,414,441.90. The trade was a 0.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 917,976 shares of company stock valued at $136,567,647 over the last ninety days. Corporate insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC lifted its position in Credo Technology Group by 128.4% during the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after acquiring an additional 3,972 shares during the period. Goldman Sachs Group Inc. lifted its position in Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after acquiring an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Credo Technology Group by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after purchasing an additional 7,107 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in Credo Technology Group by 144.2% during the 2nd quarter. Janney Montgomery Scott LLC now owns 16,413 shares of the company’s stock valued at $1,520,000 after acquiring an additional 9,692 shares during the period. Finally, Truist Financial Corp bought a new position in Credo Technology Group during the second quarter valued at approximately $328,000. 80.46% of the stock is currently owned by 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.