Credo Technology Group (NASDAQ:CRDO) Shares Up 4.6% – Here’s Why

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) were up 4.6% on Monday . The company traded as high as $221.42 and last traded at $212.07. Approximately 5,172,485 shares were traded during trading, a decline of 33% from the average daily volume of 7,748,974 shares. The stock had previously closed at $202.68.

Analysts Set New Price Targets

Several research firms have recently issued reports on CRDO. Susquehanna increased their price objective on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research report on Tuesday, June 2nd. Rosenblatt Securities upped their price target on shares of Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Barclays increased their price target on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday. Stifel Nicolaus raised their price objective on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. Finally, Mizuho boosted their price objective on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group has a consensus rating of “Buy” and a consensus target price of $265.33.

Credo Technology Group Trading Up 4.6%

The stock has a market cap of $39.55 billion, a PE ratio of 85.51, a P/E/G ratio of 0.93 and a beta of 3.20. The company’s 50 day moving average is $232.10 and its 200-day moving average is $167.29.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. 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 net margin of 35.37% and a return on equity of 32.30%. The firm’s revenue was up 157.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.20 EPS. As a group, analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 40,000 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the transaction, the chief financial officer directly owned 501,873 shares in the company, valued at $125,207,276.04. This trade represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $269.84, for a total transaction of $7,420,600.00. Following the sale, the chief technology officer owned 5,909,870 shares of the company’s stock, valued at approximately $1,594,719,320.80. The trade was a 0.46% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 329,662 shares of company stock worth $76,068,196. 11.84% of the stock is currently owned by corporate insiders.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of CRDO. Crewe Advisors LLC raised its stake in Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares during the period. Reflection Asset Management acquired a new position in Credo Technology Group in the fourth quarter valued at approximately $25,000. Acumen Wealth Advisors LLC bought a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $25,000. Flagship Harbor Advisors LLC bought a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $32,000. Finally, AlphaCentric Advisors LLC acquired a new stake in shares of Credo Technology Group during the 1st quarter worth approximately $33,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.