Credo Technology Group (NASDAQ:CRDO) Shares Up 5.1% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) was up 5.1% during trading on Friday . The stock traded as high as $198.97 and last traded at $195.04. Approximately 6,577,352 shares were traded during mid-day trading, a decline of 10% from the average daily volume of 7,304,475 shares. The stock had previously closed at $185.54.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CRDO. Rosenblatt Securities lifted their target price on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Barclays reaffirmed an “overweight” rating and set a $260.00 target price on shares of Credo Technology Group in a research note on Thursday, January 15th. Craig Hallum reaffirmed a “buy” rating and set a $200.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Finally, Susquehanna lowered their target price on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research note on Tuesday, March 3rd. One research 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’s stock. According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average price target of $207.81.

Credo Technology Group Stock Performance

The firm’s 50 day simple moving average is $120.68 and its 200-day simple moving average is $138.33. The company has a market cap of $35.98 billion, a price-to-earnings ratio of 108.36 and a beta of 2.72.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.29. The company had revenue of $407.01 million for 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 firm’s quarterly revenue was up 201.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.25 EPS. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Insider Activity

In other news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares of the company’s stock, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s 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 transaction, the chief technology officer directly owned 6,299,870 shares in the company, valued at approximately $802,414,441.90. The trade was a 0.43% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 428,999 shares of company stock worth $52,946,445. Corporate insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Atlantic Union Bankshares Corp acquired a new position in shares of Credo Technology Group during the 3rd quarter valued at about $25,000. Crewe Advisors LLC boosted its position in shares of Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares during the last quarter. Reflection Asset Management purchased a new stake in Credo Technology Group in the 4th quarter valued at about $25,000. Acumen Wealth Advisors LLC purchased a new stake in Credo Technology Group in the 4th quarter valued at about $25,000. Finally, First Horizon Corp purchased a new stake in Credo Technology Group in the 3rd quarter valued at about $26,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.