Credo Technology Group (NASDAQ:CRDO) Trading Up 2.2% – Still a Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded up 2.2% during mid-day trading on Wednesday . The company traded as high as $98.76 and last traded at $95.92. 4,860,180 shares were traded during trading, a decline of 32% from the average session volume of 7,157,966 shares. The stock had previously closed at $93.87.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CRDO shares. Rosenblatt Securities reissued a “neutral” rating and issued a $125.00 price objective on shares of Credo Technology Group in a research note on Monday, March 23rd. Wolfe Research set a $240.00 target price on Credo Technology Group in a research report on Tuesday, December 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price target on shares of Credo Technology Group in a report on Tuesday, March 3rd. Roth Mkm reduced their price target on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Finally, TD Cowen restated a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Credo Technology Group currently has an average rating of “Buy” and an average price target of $206.33.

Credo Technology Group Trading Up 2.2%

The company’s 50-day moving average is $115.38 and its 200 day moving average is $140.05. The stock has a market capitalization of $17.69 billion, a PE ratio of 53.29 and a beta of 2.67.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.29. The company had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. Credo Technology Group’s revenue was up 201.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 EPS. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Tuesday, March 24th. The stock was sold at an average price of $100.67, for a total transaction of $2,768,425.00. Following the completion of the sale, the chief technology officer owned 6,217,370 shares of the company’s stock, valued at approximately $625,902,637.90. The trade was a 0.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William Joseph Brennan sold 18,016 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $2,120,122.88. Following the sale, the chief executive officer owned 234,609 shares in the company, valued at approximately $27,608,787.12. The trade was a 7.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 398,601 shares of company stock valued at $50,891,520 over the last ninety days. 11.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Savant Capital LLC increased its holdings in Credo Technology Group by 0.7% in the 3rd quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock worth $1,444,000 after buying an additional 68 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Credo Technology Group by 16.2% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after acquiring an additional 77 shares during the last quarter. Illinois Municipal Retirement Fund increased its stake in shares of Credo Technology Group by 0.6% in the third quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock worth $2,298,000 after acquiring an additional 91 shares during the period. Mark Sheptoff Financial Planning LLC raised its holdings in shares of Credo Technology Group by 2.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company’s stock worth $741,000 after purchasing an additional 100 shares during the last quarter. Finally, Versant Capital Management Inc raised its holdings in shares of Credo Technology Group by 18.0% during the third quarter. Versant Capital Management Inc now owns 663 shares of the company’s stock worth $97,000 after purchasing an additional 101 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other 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.