Credo Technology Group (NASDAQ:CRDO) Trading 1.4% Higher – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) was up 1.4% during mid-day trading on Thursday . The stock traded as high as $227.69 and last traded at $217.50. 7,415,132 shares were traded during trading, an increase of 3% from the average session volume of 7,232,183 shares. The stock had previously closed at $214.60.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. increased their target price on Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a report on Tuesday. Susquehanna raised their target price on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a report on Tuesday. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 target price on the stock. Mizuho raised their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $250.00 price objective on shares of Credo Technology Group in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $248.41.

Credo Technology Group Price Performance

The company has a market cap of $38.16 billion, a PE ratio of 83.42, a price-to-earnings-growth ratio of 1.41 and a beta of 3.22. The business has a 50 day moving average of $169.65 and a 200 day moving average of $147.19.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 36.99%. The business had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same period in the previous year, the firm earned $0.20 EPS. The company’s quarterly revenue was up 157.0% compared to the same quarter last year. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 3.93 EPS for the current fiscal year.

Insider Activity

In related news, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. This represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the sale, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 386,608 shares of company stock worth $50,371,351 in the last quarter. 11.84% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in Credo Technology Group by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock valued at $2,386,449,000 after buying an additional 59,849 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Credo Technology Group by 18.3% in the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after acquiring an additional 1,190,522 shares during the last quarter. State Street Corp increased its holdings in shares of Credo Technology Group by 23.4% during the fourth quarter. State Street Corp now owns 4,486,320 shares of the company’s stock valued at $645,537,000 after acquiring an additional 849,654 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Credo Technology Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after acquiring an additional 184,676 shares in the last quarter. Finally, Corient Private Wealth LLC raised its position in shares of Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after purchasing an additional 3,597,318 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other 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.