Credo Technology Group (NASDAQ:CRDO) Shares Up 3.6% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price traded up 3.6% during trading on Wednesday . The company traded as high as $104.42 and last traded at $103.91. 5,286,912 shares were traded during trading, a decline of 27% from the average session volume of 7,280,727 shares. The stock had previously closed at $100.30.

Analysts Set New Price Targets

CRDO has been the topic of a number of recent analyst reports. Stifel Nicolaus set a $200.00 price target on shares of Credo Technology Group in a report on Tuesday, March 3rd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. TD Cowen reissued a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. KGI Securities upgraded Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target on the stock in a report on Tuesday, December 2nd. Finally, Roth Mkm lowered their price target on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group currently has an average rating of “Buy” and an average target price of $206.33.

Credo Technology Group Stock Performance

The stock’s 50-day simple moving average is $121.05 and its 200-day simple moving average is $142.19. The firm has a market capitalization of $19.17 billion, a PE ratio of 57.73 and a beta of 2.67.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.78 by $0.29. The firm had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same period last year, the company posted $0.25 EPS. As a group, analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $127.69, for a total transaction of $6,384,500.00. Following the transaction, the chief executive officer owned 1,832,502 shares in the company, valued at approximately $233,992,180.38. This represents a 2.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $143.41, for a total value of $7,887,550.00. Following the completion of the transaction, the chief technology officer directly owned 6,448,961 shares of the company’s stock, valued at $924,845,497.01. This represents a 0.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 426,101 shares of company stock valued at $56,010,645. 11.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Crewe Advisors LLC raised its holdings in Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after purchasing an additional 106 shares in the last quarter. Reflection Asset Management bought a new stake in shares of Credo Technology Group during the 4th quarter valued at $25,000. Atlantic Union Bankshares Corp bought a new stake in shares of Credo Technology Group during the 3rd quarter valued at $25,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group in the 4th quarter worth about $25,000. Finally, First Horizon Corp bought a new position in shares of Credo Technology Group in the 3rd quarter worth about $26,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.