Credo Technology Group (NASDAQ:CRDO) Stock Price Up 10.3% – Should You Buy?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) were up 10.3% during trading on Monday. The company traded as high as $136.89 and last traded at $132.89. 8,923,533 shares were traded during trading, an increase of 16% from the average session volume of 7,700,517 shares. The stock had previously closed at $120.51.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CRDO shares. Susquehanna increased their price objective on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Evercore set a $292.00 target price on shares of Credo Technology Group in a research note on Wednesday, September 2nd. Rosenblatt Securities reissued a “neutral” rating and issued a $235.00 price target on shares of Credo Technology Group in a report on Thursday, October 15th. JPMorgan Chase & Co. reduced their price target on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a report on Wednesday, September 2nd. Finally, Mizuho decreased their price target on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating on the stock in a research report on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $262.67.

Credo Technology Group Stock Performance

The stock has a 50-day simple moving average of $178.67 and a 200 day simple moving average of $180.29. The company has a market cap of $24.98 billion, a P/E ratio of 47.29, a P/E/G ratio of 0.48 and a beta of 3.29.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. The company had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. Credo Technology Group’s revenue for the quarter was up 114.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.52 EPS. Sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, CEO William Brennan sold 16,666 shares of the firm’s stock in a transaction dated Monday, October 19th. The shares were sold at an average price of $174.87, for a total transaction of $2,914,383.42. Following the completion of the transaction, the chief executive officer directly owned 1,584,164 shares of the company’s stock, valued at approximately $277,022,758.68. This trade represents a 1.04% decrease in their position. The transaction was disclosed in a legal filing 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 Fleming sold 7,580 shares of Credo Technology Group stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $212.91, for a total transaction of $1,613,857.80. Following the sale, the chief financial officer owned 492,208 shares in the company, valued at approximately $104,796,005.28. This trade represents a 1.52% 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. Over the last three months, insiders have sold 352,538 shares of company stock worth $67,200,077. 9.06% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in CRDO. Atreides Management LP acquired a new stake in Credo Technology Group in the 1st quarter valued at $102,434,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Credo Technology Group by 192.1% during the first quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock valued at $98,290,000 after acquiring an additional 688,596 shares during the period. H&H International Investment LLC boosted its stake in shares of Credo Technology Group by 431.6% in the 1st quarter. H&H International Investment LLC now owns 751,200 shares of the company’s stock valued at $70,515,000 after purchasing an additional 609,900 shares in the last quarter. Oaktree Capital Management LP acquired a new stake in shares of Credo Technology Group in the 1st quarter valued at $50,596,000. Finally, Pictet Asset Management Holding SA grew its holdings in shares of Credo Technology Group by 222.5% in the 3rd quarter. Pictet Asset Management Holding SA now owns 740,487 shares of the company’s stock worth $144,170,000 after purchasing an additional 510,905 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

Credo Technology Group designs and supplies high-speed connectivity solutions for data infrastructure, including data centers and networking systems. Its products help move data between processors, servers, switches and other equipment used in demanding, high-bandwidth environments.

The company’s offerings include active electrical cables, semiconductor and optical digital signal processing products, retimers, and other connectivity components. These solutions are used in applications such as cloud computing and artificial intelligence infrastructure.

Credo is headquartered in San Jose, California, and serves customers in the global data infrastructure market.