Credo Technology Group (NASDAQ:CRDO) Shares Up 1.5% – Should You Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares shot up 1.5% during mid-day trading on Tuesday . The company traded as high as $233.70 and last traded at $221.64. 9,531,971 shares traded hands during trading, an increase of 34% from the average session volume of 7,104,088 shares. The stock had previously closed at $218.41.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CRDO. Jefferies Financial Group began coverage on shares of Credo Technology Group in a research report on Monday, April 13th. They set a “buy” rating and a $175.00 target price on the stock. Stifel Nicolaus set a $250.00 price objective on shares of Credo Technology Group in a research report on Wednesday. Rothschild & Co Redburn began coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They issued a “buy” rating and a $206.00 price objective on the stock. Rosenblatt Securities lifted their price objective on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Finally, Craig Hallum reiterated a “buy” rating and issued a $200.00 price objective on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and a consensus target price of $210.65.

Credo Technology Group Stock Performance

The business’s 50-day moving average is $155.48 and its two-hundred day moving average is $144.34. The stock has a market capitalization of $41.01 billion, a PE ratio of 123.53 and a beta of 3.17.

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

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $178.99, for a total transaction of $4,922,225.00. Following the sale, the chief technology officer directly owned 6,024,870 shares in the company, valued at approximately $1,078,391,481.30. The trade was a 0.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $152.63, for a total transaction of $1,156,935.40. Following the sale, the chief financial officer owned 433,678 shares in the company, valued at $66,192,273.14. The trade was a 1.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 386,608 shares of company stock valued at $50,371,351 over the last 90 days. Company insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently made changes to their positions in CRDO. Atlantic Union Bankshares Corp acquired a new position in shares of Credo Technology Group during the 3rd quarter worth $25,000. Crewe Advisors LLC raised its stake in shares of Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after buying an additional 106 shares during the last quarter. Reflection Asset Management acquired a new position in shares of Credo Technology Group during the 4th quarter worth $25,000. Acumen Wealth Advisors LLC acquired a new position in shares of Credo Technology Group during the 4th quarter worth $25,000. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of Credo Technology Group during the 4th quarter worth $32,000. 80.46% of the stock is currently owned by hedge funds and other 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.