Credo Technology Group (NASDAQ:CRDO) Announces Earnings Results

Credo Technology Group (NASDAQ:CRDO) released its earnings results on Monday. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.29, FiscalAI reports. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.

Credo Technology Group Price Performance

CRDO traded up $1.95 on Monday, hitting $114.22. The company had a trading volume of 10,254,749 shares, compared to its average volume of 6,707,855. The stock has a market cap of $20.63 billion, a price-to-earnings ratio of 100.19 and a beta of 2.67. The company’s fifty day moving average price is $133.78 and its 200 day moving average price is $143.60. Credo Technology Group has a 1-year low of $29.09 and a 1-year high of $213.80.

Analysts Set New Price Targets

CRDO has been the subject of several research reports. The Goldman Sachs Group set a $165.00 price target on shares of Credo Technology Group and gave the stock a “buy” rating in a report on Thursday, February 19th. Needham & Company LLC reissued a “buy” rating and set a $220.00 target price on shares of Credo Technology Group in a research note on Tuesday, February 10th. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. Rosenblatt Securities started coverage on Credo Technology Group in a report on Wednesday, January 21st. They set a “neutral” rating and a $170.00 price objective for the company. Finally, Roth Mkm lowered their target price on 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. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $209.29.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $174.70, for a total value of $9,608,500.00. Following the transaction, the chief technology officer directly owned 6,613,961 shares in the company, valued at approximately $1,155,458,986.70. This trade represents a 0.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Yat Tung Lam sold 370,000 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the transaction, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at approximately $61,276,000. This represents a 48.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 917,976 shares of company stock valued at $136,567,647 over the last 90 days. 11.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently made changes to their positions in CRDO. Acumen Wealth Advisors LLC bought a new stake in Credo Technology Group during the 4th quarter valued at approximately $25,000. Van ECK Associates Corp bought a new position in Credo Technology Group in the 4th quarter worth approximately $37,000. Quarry LP lifted its holdings in shares of Credo Technology Group by 642.5% during the third quarter. Quarry LP now owns 297 shares of the company’s stock worth $43,000 after buying an additional 257 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after buying an additional 333 shares during the last quarter. Finally, Transamerica Financial Advisors LLC boosted its position in shares of Credo Technology Group by 268.6% in the fourth quarter. Transamerica Financial Advisors LLC now owns 317 shares of the company’s stock valued at $46,000 after acquiring an additional 231 shares during the period. 80.46% of the stock is currently owned by institutional investors.

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.