Credo Technology Group (NASDAQ:CRDO) Trading Up 1.8% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares traded up 1.8% during trading on Monday . The company traded as high as $110.20 and last traded at $105.2660. 6,721,516 shares were traded during trading, a decline of 8% from the average session volume of 7,331,248 shares. The stock had previously closed at $103.40.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. The Goldman Sachs Group set a $165.00 price objective on shares of Credo Technology Group and gave the stock a “buy” rating in a report on Thursday, February 19th. Susquehanna cut their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research report on Tuesday, March 3rd. Rosenblatt Securities restated a “neutral” rating and issued a $125.00 target price on shares of Credo Technology Group in a research report on Monday. Finally, Roth Mkm dropped their price target on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Credo Technology Group presently has a consensus rating of “Buy” and an average price target of $206.33.

Credo Technology Group Price Performance

The company has a market capitalization of $19.17 billion, a price-to-earnings ratio of 57.73 and a beta of 2.67. The business has a fifty day moving average price of $121.05 and a 200 day moving average price of $142.19.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. During the same quarter last year, the company earned $0.25 EPS. Credo Technology Group’s quarterly revenue was up 201.5% on a year-over-year basis. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $128.67, for a total transaction of $241,256.25. Following the transaction, the director directly owned 5,892,034 shares of the company’s stock, valued at $758,128,014.78. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $107.90, for a total transaction of $2,967,250.00. Following the completion of the sale, the chief technology officer owned 6,244,870 shares in the company, valued at approximately $673,821,473. This trade represents a 0.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 426,101 shares of company stock valued at $56,010,645 over the last quarter. Corporate insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of CRDO. Spear Advisors LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $11,705,000. World Investment Advisors boosted its position in shares of Credo Technology Group by 77.5% in the 4th quarter. World Investment Advisors now owns 2,870 shares of the company’s stock valued at $413,000 after purchasing an additional 1,253 shares during the period. Corient Private Wealth LLC raised its holdings in Credo Technology Group by 1,665.6% during the 4th quarter. Corient Private Wealth LLC now owns 26,573 shares of the company’s stock worth $3,824,000 after buying an additional 25,068 shares during the period. Reflection Asset Management acquired a new stake in Credo Technology Group during the 4th quarter worth about $25,000. Finally, Clearwave Capital LLC purchased a new stake in Credo Technology Group during the fourth quarter valued at about $708,000. Institutional investors and hedge funds 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.