Credo Technology Group (NASDAQ:CRDO) Announces Quarterly Earnings Results

Credo Technology Group (NASDAQ:CRDO) posted its quarterly earnings data on Monday. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.13, FiscalAI reports. The firm had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.

Credo Technology Group Price Performance

NASDAQ:CRDO traded down $9.93 during mid-day trading on Monday, reaching $226.10. The stock had a trading volume of 9,556,479 shares, compared to its average volume of 7,067,609. The business’s 50 day moving average is $158.17 and its 200 day moving average is $144.80. Credo Technology Group has a fifty-two week low of $59.88 and a fifty-two week high of $243.21. The stock has a market cap of $41.70 billion, a P/E ratio of 125.61 and a beta of 3.22.

Insider Buying and Selling

In related news, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares in the company, valued at approximately $209,764,835.36. This represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares in the company, valued at $737,630,712. This represents a 0.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 386,608 shares of company stock worth $50,371,351 in the last 90 days. 11.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in the company. Alberta Investment Management Corp acquired a new position in Credo Technology Group in the fourth quarter worth approximately $4,000,000. Mercer Global Advisors Inc. ADV increased its holdings in Credo Technology Group by 28.5% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 9,010 shares of the company’s stock worth $1,236,000 after buying an additional 2,001 shares during the last quarter. Braeburn Wealth Management LLC acquired a new position in Credo Technology Group in the fourth quarter worth approximately $702,000. Vident Advisory LLC increased its holdings in Credo Technology Group by 7.2% in the fourth quarter. Vident Advisory LLC now owns 3,776 shares of the company’s stock worth $543,000 after buying an additional 252 shares during the last quarter. Finally, Delta Global Management LP acquired a new position in Credo Technology Group in the fourth quarter worth approximately $2,211,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on CRDO shares. Susquehanna cut their price objective on Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a report on Tuesday, March 3rd. Rosenblatt Securities boosted their price objective on Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Jefferies Financial Group assumed coverage on Credo Technology Group in a report on Monday, April 13th. They issued a “buy” rating and a $175.00 target price on the stock. The Goldman Sachs Group upped their target price on Credo Technology Group from $150.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, Craig Hallum reiterated a “buy” rating and issued a $200.00 target price on shares of Credo Technology Group in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Credo Technology Group has an average rating of “Buy” and an average price target of $214.18.

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.