Credo Technology Group (NASDAQ:CRDO) Stock Price Up 9% – Still a Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shot up 9% during trading on Tuesday . The company traded as high as $242.50 and last traded at $237.92. Approximately 6,752,995 shares traded hands during trading, a decline of 11% from the average daily volume of 7,595,987 shares. The stock had previously closed at $218.35.

Analyst Upgrades and Downgrades

CRDO has been the subject of several recent analyst reports. Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, June 22nd. Jefferies Financial Group upped their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. TD Cowen increased their price target on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Susquehanna lifted their price target on Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Finally, Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Two investment 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 company’s stock. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus price target of $266.17.

Credo Technology Group Stock Up 9.0%

The company has a 50 day moving average of $236.60 and a 200-day moving average of $172.35. The stock has a market capitalization of $44.37 billion, a P/E ratio of 95.94, a PEG ratio of 0.95 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 1st. The company reported $1.16 earnings per share 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 firm had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the previous year, the firm earned $0.20 earnings per share. The firm’s revenue for the quarter was up 157.0% compared to the same quarter last year. Equities analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insider Activity

In other news, CEO William Joseph Brennan sold 54,984 shares of Credo Technology Group stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $218.57, for a total value of $12,017,852.88. Following the completion of the transaction, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at approximately $80,286,662.39. The trade was a 13.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the sale, the chief technology officer directly owned 5,882,370 shares of the company’s stock, valued at approximately $1,429,768,852.20. This represents a 0.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 302,162 shares of company stock valued at $72,810,546. Company insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors have recently made changes to their positions in the stock. Reflection Asset Management acquired a new position in Credo Technology Group during the 4th quarter valued at approximately $25,000. Acumen Wealth Advisors LLC acquired a new stake in Credo Technology Group in the fourth quarter worth $25,000. Flagship Harbor Advisors LLC bought a new stake in Credo Technology Group in the fourth quarter valued at $32,000. AlphaCentric Advisors LLC bought a new stake in Credo Technology Group in the first quarter valued at $33,000. Finally, Smallwood Wealth Investment Management LLC acquired a new position in shares of Credo Technology Group during the fourth quarter valued at $36,000. 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.