Credo Technology Group (NASDAQ:CRDO) Stock Price Up 7.3% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price traded up 7.3% on Friday. The company traded as high as $125.80 and last traded at $120.51. 9,621,214 shares were traded during mid-day trading, an increase of 25% from the average daily volume of 7,687,186 shares. The stock had previously closed at $112.33.

Wall Street Analyst Weigh In

CRDO has been the subject of several recent analyst reports. Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Susquehanna boosted their target price on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. TD Cowen upped their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. Bank of America lowered their target price on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a report on Wednesday, September 2nd. Finally, Barclays increased their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $262.67.

Credo Technology Group Trading Up 7.3%

The stock has a fifty day moving average of $181.07 and a two-hundred day moving average of $180.45. The stock has a market capitalization of $22.65 billion, a price-to-earnings ratio of 42.89, a PEG ratio of 0.54 and a beta of 3.29.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. The company had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The business’s revenue was up 114.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.52 earnings per share. Equities analysts expect that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Insider Activity at Credo Technology Group

In related news, CEO William Brennan sold 16,672 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $151.88, for a total transaction of $2,532,143.36. Following the transaction, the chief executive officer owned 1,600,830 shares in the company, valued at $243,134,060.40. This represents a 1.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $193.93, for a total transaction of $5,333,075.00. Following the transaction, the chief technology officer owned 5,662,397 shares in the company, valued at approximately $1,098,108,650.21. This trade represents a 0.48% 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. Insiders sold 352,538 shares of company stock valued at $67,200,077 over the last ninety days. 9.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently modified their holdings of the stock. California State Teachers Retirement System raised its position in Credo Technology Group by 2.2% in the 1st quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after purchasing an additional 5,113 shares during the last quarter. Corsair Capital Management L.P. acquired a new position in Credo Technology Group during the 1st quarter worth $469,000. Lazard Asset Management LLC boosted its position in Credo Technology Group by 55.6% in the 1st quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock valued at $6,294,000 after buying an additional 23,949 shares during the last quarter. Quantinno Capital Management LP boosted its position in Credo Technology Group by 68.4% in the 1st quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock valued at $3,203,000 after buying an additional 13,859 shares during the last quarter. Finally, Estuary Capital Management LP boosted its position in Credo Technology Group by 87.4% in the 1st quarter. Estuary Capital Management LP now owns 412,227 shares of the company’s stock valued at $38,696,000 after buying an additional 192,218 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.