Credo Technology Group (NASDAQ:CRDO) Trading 1.5% Higher – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shot up 1.5% during mid-day trading on Tuesday . The stock traded as high as $158.87 and last traded at $153.22. 6,072,430 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 6,259,941 shares. The stock had previously closed at $150.97.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Wolfe Research set a $240.00 target price on Credo Technology Group in a research report on Tuesday, December 2nd. Roth Capital upped their price target on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. New Street Research set a $240.00 price objective on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 target price on shares of Credo Technology Group in a research report on Wednesday, October 1st. Finally, Mizuho upped their target price on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $220.42.

Credo Technology Group Stock Up 1.5%

The company has a market capitalization of $27.68 billion, a price-to-earnings ratio of 134.40 and a beta of 2.66. The stock has a 50 day simple moving average of $152.39 and a 200 day simple moving average of $140.24.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company had revenue of $268.03 million for the quarter, compared to analysts’ expectations of $234.99 million. During the same period last year, the business posted $0.07 earnings per share. The firm’s quarterly revenue was up 272.1% compared to the same quarter last year. As a group, analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Activity

In related news, CFO Daniel W. Fleming sold 3,902 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $140.15, for a total transaction of $546,865.30. Following the transaction, the chief financial officer owned 446,178 shares in the company, valued at $62,531,846.70. This trade represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 9,476 shares of Credo Technology Group stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $139.54, for a total value of $1,322,281.04. Following the transaction, the chief executive officer owned 270,641 shares in the company, valued at approximately $37,765,245.14. This trade represents a 3.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,065,476 shares of company stock worth $163,813,763 over the last ninety days. 11.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently made changes to their positions in the business. Atlantic Union Bankshares Corp bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $25,000. Crewe Advisors LLC grew its position 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 buying an additional 106 shares during the last quarter. First Horizon Corp bought a new position in shares of Credo Technology Group in the third quarter valued at $26,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in shares of Credo Technology Group during the 2nd quarter valued at $27,000. Finally, Smartleaf Asset Management LLC boosted its stake in shares of Credo Technology Group by 133.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after acquiring an additional 147 shares in the last quarter. Institutional investors 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.