Credo Technology Group (NASDAQ:CRDO) Stock Price Up 8.3% – Still a Buy?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shot up 8.3% during mid-day trading on Wednesday . The company traded as high as $277.23 and last traded at $268.16. Approximately 5,196,905 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 7,450,487 shares. The stock had previously closed at $247.69.

Wall Street Analyst Weigh In

CRDO has been the subject of several analyst reports. Susquehanna boosted their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. TD Cowen increased their price objective on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. JPMorgan Chase & Co. lifted 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. Jefferies Financial Group boosted their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Finally, Roth Capital upped their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have given 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 a consensus target price of $266.17.

Credo Technology Group Stock Performance

The firm has a 50 day simple moving average of $238.08 and a two-hundred day simple moving average of $176.08. The stock has a market cap of $50.01 billion, a P/E ratio of 108.13, a P/E/G ratio of 1.10 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.14. The company had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The company’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.20 earnings per share. As a group, equities 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, COO Yat Tung Lam sold 55,441 shares of the business’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the sale, the chief operating officer directly owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. The trade was a 2.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. This represents a 1.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 435,076 shares of company stock valued at $101,043,506 over the last 90 days. 11.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Vanguard Group Inc. lifted its position in Credo Technology Group by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after purchasing an additional 59,849 shares during the period. State Street Corp increased its position in shares of Credo Technology Group by 23.4% during the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock valued at $645,537,000 after purchasing an additional 849,654 shares during the period. Geode Capital Management LLC raised 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 buying an additional 184,676 shares in the last quarter. Corient Private Wealth LLC raised its stake in shares of Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after buying an additional 3,597,318 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after buying an additional 1,218,504 shares during the period. Institutional investors own 80.46% of the company’s stock.

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.