Credo Technology Group (NASDAQ:CRDO) Shares Up 1.2% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price shot up 1.2% during trading on Tuesday . The stock traded as high as $133.00 and last traded at $129.57. 4,848,285 shares were traded during mid-day trading, a decline of 22% from the average session volume of 6,229,569 shares. The stock had previously closed at $128.02.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CRDO shares. KGI Securities raised Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target on the stock in a research report on Tuesday, December 2nd. Barclays restated an “overweight” rating and issued a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th. Rosenblatt Securities initiated coverage on Credo Technology Group in a research report on Wednesday, January 21st. They set a “neutral” rating and a $170.00 price objective on the stock. Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a report on Tuesday, December 2nd. Finally, New Street Research set a $240.00 target price on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $216.54.

Credo Technology Group Price Performance

The firm has a market cap of $23.40 billion, a PE ratio of 113.66 and a beta of 2.66. The business’s fifty day moving average is $151.21 and its 200-day moving average is $141.32.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million for the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The firm’s quarterly revenue was up 272.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.07 EPS. Analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 370,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total value of $56,680,300.00. Following the transaction, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at $61,276,000. The trade was a 48.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $174.70, for a total transaction of $9,608,500.00. Following the completion of the transaction, the chief technology officer owned 6,613,961 shares in the company, valued at $1,155,458,986.70. This represents a 0.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 970,476 shares of company stock valued at $149,681,763 over the last 90 days. 11.84% of the stock is owned by insiders.

Institutional Trading of Credo Technology Group

Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. grew its position in shares of Credo Technology Group by 36.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after buying an additional 1,739,844 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after purchasing an additional 1,406,752 shares during the period. Rafferty Asset Management LLC purchased a new position in Credo Technology Group during the third quarter valued at $183,553,000. Alliancebernstein L.P. boosted its stake in Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares in the last quarter. Finally, Marshall Wace LLP boosted its holdings in Credo Technology Group by 2,537.7% in the third quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock worth $167,452,000 after acquiring an additional 1,106,401 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

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.