Credo Technology Group (NASDAQ:CRDO) Shares Up 5.3% – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares shot up 5.3% on Tuesday . The company traded as high as $162.33 and last traded at $164.5170. 2,892,841 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 7,000,885 shares. The stock had previously closed at $156.27.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CRDO. Stifel Nicolaus set a $200.00 price target on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Rosenblatt Securities lifted their price target on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Susquehanna cut their price target on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research note on Tuesday, March 3rd. Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Finally, Jefferies Financial Group began coverage on shares of Credo Technology Group in a report on Monday, April 13th. They set a “buy” rating and a $175.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $207.71.

Credo Technology Group Price Performance

The company’s 50-day simple moving average is $140.62 and its 200-day simple moving average is $142.39. The stock has a market capitalization of $31.37 billion, a P/E ratio of 94.61 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. During the same period in the prior year, the firm posted $0.25 earnings per share. The company’s quarterly revenue was up 201.5% compared to the same quarter last year. On average, analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Insider Activity

In other Credo Technology Group news, CEO William Joseph Brennan sold 6,149 shares of the company’s stock in a transaction on Sunday, April 5th. The shares were sold at an average price of $101.45, for a total transaction of $623,816.05. Following the sale, the chief executive officer directly owned 222,311 shares of the company’s stock, valued at approximately $22,553,450.95. This represents a 2.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider James Laufman sold 10,000 shares of the company’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $164.41, for a total transaction of $1,644,100.00. Following the sale, the insider directly owned 198,609 shares in the company, valued at $32,653,305.69. This trade represents a 4.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 386,608 shares of company stock valued at $50,371,351. 11.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently modified their holdings of CRDO. Atlantic Union Bankshares Corp bought a new position in shares of Credo Technology Group in the third quarter valued at about $25,000. Crewe Advisors LLC raised its position in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the period. Reflection Asset Management bought a new position in shares of Credo Technology Group in the fourth quarter valued at about $25,000. Acumen Wealth Advisors LLC bought a new position in shares of Credo Technology Group in the fourth quarter valued at about $25,000. Finally, First Horizon Corp bought a new position in shares of Credo Technology Group in the third quarter valued at about $26,000. 80.46% of the stock is owned by institutional investors.

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.