Credo Technology Group (NASDAQ:CRDO) Shares Gap Up – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares gapped up before the market opened on Monday . The stock had previously closed at $202.68, but opened at $213.50. Credo Technology Group shares last traded at $213.6190, with a volume of 1,093,194 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CRDO shares. Jefferies Financial Group upped their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. The Goldman Sachs Group reiterated a “buy” rating and issued a $250.00 price target on shares of Credo Technology Group in a report on Tuesday, June 2nd. Susquehanna increased their price objective on Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research note on Tuesday, June 2nd. TD Cowen raised their price objective on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Barclays restated an “overweight” rating and set a $300.00 price objective on shares of Credo Technology Group in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group presently has a consensus rating of “Buy” and an average price target of $265.33.

Credo Technology Group Stock Performance

The stock has a fifty day moving average price of $232.10 and a 200-day moving average price of $167.29. The firm has a market capitalization of $39.62 billion, a PE ratio of 86.02, a P/E/G ratio of 0.93 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. During the same period in the prior year, the business posted $0.20 EPS. The firm’s quarterly revenue was up 157.0% on a year-over-year basis. Research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Fariba Danesh sold 1,100 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total value of $259,974.00. Following the sale, the director directly owned 7,017 shares in the company, valued at approximately $1,658,397.78. This trade represents a 13.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 3,790 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $258.71, for a total transaction of $980,510.90. Following the completion of the transaction, the chief technology officer directly owned 140,358 shares in the company, valued at approximately $36,312,018.18. The trade was a 2.63% 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 ninety days, insiders sold 329,662 shares of company stock valued at $76,068,196. Corporate insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors have recently bought and sold shares of the company. Crewe Advisors LLC grew its holdings 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 purchasing an additional 106 shares during the last quarter. Reflection Asset Management purchased a new stake in shares of Credo Technology Group during the 4th quarter valued at $25,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group during the 4th quarter valued at $25,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter worth $32,000. Finally, AlphaCentric Advisors LLC acquired a new stake in shares of Credo Technology Group in the 1st quarter worth $33,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.