Credo Technology Group (NASDAQ:CRDO) Trading 8.8% Higher – Still a Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares shot up 8.8% on Monday . The stock traded as high as $286.24 and last traded at $282.82. Approximately 5,713,488 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 7,400,614 shares. The stock had previously closed at $259.90.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Wall Street Zen lowered shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Barclays boosted their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 target price on the stock. Roth Capital increased their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Finally, Evercore began coverage on Credo Technology Group in a research report on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $266.17.

Credo Technology Group Stock Performance

The company has a market cap of $52.74 billion, a PE ratio of 114.04, a price-to-earnings-growth ratio of 1.19 and a beta of 3.23. The company has a fifty day moving average of $241.19 and a two-hundred day moving average of $178.89.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same period in the previous year, the firm earned $0.20 earnings per share. Credo Technology Group’s quarterly revenue was up 157.0% compared to the same quarter last year. On average, equities 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, CTO Chi Fung Cheng sold 27,473 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $209.53, for a total value of $5,756,417.69. Following the sale, the chief technology officer directly owned 5,772,397 shares of the company’s stock, valued at $1,209,490,343.41. This represents a 0.47% decrease in their position. The transaction 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. Also, CFO Daniel W. Fleming sold 7,580 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 435,076 shares of company stock worth $101,043,506. 11.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. City Center Advisors LLC grew its holdings in Credo Technology Group by 2.1% during the second quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock worth $706,000 after acquiring an additional 53 shares during the period. Versant Capital Management Inc lifted its holdings in Credo Technology Group by 8.0% in the second quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock valued at $205,000 after acquiring an additional 56 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in Credo Technology Group by 16.2% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after purchasing an additional 77 shares in the last quarter. QRG Capital Management Inc. boosted its position in Credo Technology Group by 1.7% in the 1st quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock worth $507,000 after purchasing an additional 91 shares in the last quarter. Finally, Bank of Nova Scotia grew its stake in shares of Credo Technology Group by 1.6% during the 1st quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock worth $566,000 after purchasing an additional 92 shares during the period. Institutional investors 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.