Credo Technology Group (NASDAQ:CRDO) Issues Earnings Results

Credo Technology Group (NASDAQ:CRDO) posted its earnings results on Monday. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.13, FiscalAI reports. The company had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.

Credo Technology Group Price Performance

NASDAQ CRDO traded down $9.93 on Monday, hitting $226.10. 11,186,026 shares of the company were exchanged, compared to its average volume of 7,085,354. The company’s 50 day moving average price is $158.17 and its 200-day moving average price is $144.80. Credo Technology Group has a twelve month low of $59.88 and a twelve month high of $243.21. The firm has a market capitalization of $41.70 billion, a P/E ratio of 125.61 and a beta of 3.22.

Insider Activity

In other Credo Technology Group news, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $152.63, for a total transaction of $1,156,935.40. Following the sale, the chief financial officer directly owned 433,678 shares of the company’s stock, valued at $66,192,273.14. The trade was a 1.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 10,000 shares of the business’s stock in a transaction on Wednesday, April 15th. The shares were 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 approximately $32,653,305.69. This trade represents a 4.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 386,608 shares of company stock valued at $50,371,351 in the last 90 days. Company insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in the business. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at about $49,000. Silicon Valley Capital Partners bought a new stake in Credo Technology Group in the 4th quarter valued at $115,000. UMB Bank n.a. boosted its holdings in Credo Technology Group by 1,228.6% during the fourth quarter. UMB Bank n.a. now owns 465 shares of the company’s stock valued at $67,000 after purchasing an additional 430 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in Credo Technology Group by 139.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 615 shares of the company’s stock valued at $89,000 after purchasing an additional 358 shares in the last quarter. Finally, CIBC Private Wealth Group LLC boosted its stake in shares of Credo Technology Group by 14.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock valued at $125,000 after purchasing an additional 111 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CRDO shares. Stifel Nicolaus set a $250.00 price target on Credo Technology Group in a report on Wednesday. The Goldman Sachs Group lifted their price target on Credo Technology Group from $150.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They set a “buy” rating and a $206.00 price objective on the stock. Jefferies Financial Group initiated coverage on shares of Credo Technology Group in a research note on Monday, April 13th. They set a “buy” rating and a $175.00 price objective on the stock. Finally, Needham & Company LLC restated a “buy” rating on shares of Credo Technology Group in a research note on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $214.18.

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.