Credo Technology Group (NASDAQ:CRDO) Shares Up 1.1% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded up 1.1% on Thursday. The company traded as high as $196.43 and last traded at $195.97. 5,748,131 shares traded hands during trading, a decline of 23% from the average daily volume of 7,486,487 shares. The stock had previously closed at $193.87.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CRDO shares. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Roth Capital raised 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. Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. Stifel Nicolaus upped their price target on Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $250.00 price objective on shares of Credo Technology Group in a report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $264.89.

Credo Technology Group Stock Performance

The firm has a market cap of $36.83 billion, a price-to-earnings ratio of 69.74, a price-to-earnings-growth ratio of 0.77 and a beta of 3.22. The stock’s 50 day simple moving average is $209.39 and its 200-day simple moving average is $194.25.

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

Insider Buying and Selling at Credo Technology Group

In related news, CEO William Brennan sold 16,672 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $151.88, for a total value of $2,532,143.36. Following the sale, the chief executive officer owned 1,600,830 shares in the company, valued at $243,134,060.40. This represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $166.38, for a total transaction of $4,575,450.00. Following the completion of the transaction, the chief technology officer owned 5,717,397 shares in the company, valued at approximately $951,260,512.86. This trade represents a 0.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 307,246 shares of company stock worth $65,625,584. 9.06% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its stake in shares of Credo Technology Group by 13.7% in the second quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock worth $593,603,000 after buying an additional 262,479 shares during the last quarter. Geode Capital Management LLC raised its holdings in 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 purchasing an additional 184,676 shares during the period. Corient Private Wealth LLC raised its holdings in 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 purchasing an additional 3,597,318 shares during the period. Atreides Management LP boosted its position in Credo Technology Group by 3.5% during the second quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock worth $307,109,000 after purchasing an additional 38,052 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Credo Technology Group by 11.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,021,020 shares of the company’s stock worth $290,805,000 after purchasing an additional 203,462 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other 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.