Credo Technology Group (NASDAQ:CRDO) Shares Gap Up – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $236.88, but opened at $252.51. Credo Technology Group shares last traded at $242.0270, with a volume of 538,238 shares.

Analyst Upgrades and Downgrades

CRDO has been the topic of several research reports. Needham & Company LLC upped their price target on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a report on Monday, June 1st. Rothschild & Co Redburn initiated coverage on Credo Technology Group in a research note on Friday, May 1st. They set a “buy” rating and a $206.00 price objective for the company. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Bank of America boosted their target price on Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. upped 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, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and an average target price of $263.11.

Credo Technology Group Stock Up 2.0%

The firm’s 50-day moving average price is $230.01 and its two-hundred day moving average price is $165.29. The firm has a market capitalization of $45.05 billion, a PE ratio of 97.32, a P/E/G ratio of 1.18 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the prior year, the firm earned $0.20 EPS. The firm’s quarterly revenue was up 157.0% on a year-over-year basis. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Activity

In other news, Director Fariba Danesh sold 1,100 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $236.34, for a total value of $259,974.00. Following the completion of the sale, the director owned 7,017 shares in the company, valued at $1,658,397.78. This represents a 13.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the sale, the chief financial officer owned 504,708 shares of the company’s stock, valued at $124,097,603.04. The trade was a 1.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 367,162 shares of company stock valued at $82,045,746 in the last 90 days. Company insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently bought and sold shares of CRDO. Crewe Advisors LLC grew its stake in Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares in the last quarter. Reflection Asset Management purchased a new stake in shares of Credo Technology Group in the fourth quarter worth approximately $25,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group in the fourth quarter worth approximately $25,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $32,000. Finally, AlphaCentric Advisors LLC acquired a new stake in shares of Credo Technology Group during the first quarter worth approximately $33,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.