Credo Technology Group (NASDAQ:CRDO) Shares Up 2.1% – Should You Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) rose 2.1% during trading on Thursday . The company traded as high as $131.63 and last traded at $130.66. Approximately 3,335,667 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 6,884,343 shares. The stock had previously closed at $127.91.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Mizuho raised their price target on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 2nd. Wolfe Research set a $240.00 price objective on shares of Credo Technology Group in a research report on Tuesday, December 2nd. TD Cowen reissued a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Susquehanna raised their price target on shares of Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a report on Wednesday, October 22nd. Finally, Bank of America lifted their price objective on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.29.

Credo Technology Group Price Performance

The firm has a market capitalization of $23.60 billion, a P/E ratio of 114.62 and a beta of 2.65. The business has a 50 day moving average price of $136.86 and a 200 day moving average price of $143.28.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results 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 firm had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company’s revenue was up 272.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.07 EPS. As a group, equities analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling

In other news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.16, for a total transaction of $7,658,000.00. Following the transaction, the chief executive officer owned 1,892,502 shares in the company, valued at approximately $289,855,606.32. The trade was a 2.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 370,000 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.19, for a total transaction 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. This represents a 48.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 917,976 shares of company stock valued at $136,567,647. 11.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Atlantic Union Bankshares Corp bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $25,000. Crewe Advisors LLC increased its position in shares of Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the period. Acumen Wealth Advisors LLC acquired a new position in shares of Credo Technology Group in the fourth quarter valued at $25,000. First Horizon Corp acquired a new stake in Credo Technology Group during the third quarter worth $26,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in Credo Technology Group during the second quarter worth $27,000. 80.46% of the stock is currently 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.