Credo Technology Group (NASDAQ:CRDO) Trading Up 7.4% – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price was up 7.4% during trading on Monday . The stock traded as high as $227.51 and last traded at $222.27. Approximately 8,709,929 shares were traded during mid-day trading, an increase of 19% from the average daily volume of 7,326,752 shares. The stock had previously closed at $206.89.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CRDO shares. Mizuho boosted their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a report on Tuesday, June 2nd. Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Bank of America boosted their price target on shares of Credo Technology Group from $210.00 to $252.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. JPMorgan Chase & Co. boosted their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a report on Tuesday, June 2nd. Finally, Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $248.41.

Credo Technology Group Stock Performance

The stock has a market capitalization of $41.00 billion, a PE ratio of 89.63, a PEG ratio of 1.34 and a beta of 3.22. The business has a 50 day moving average of $169.65 and a two-hundred day moving average of $147.21.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The company had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same period in the prior year, the company posted $0.20 EPS. The firm’s quarterly revenue was up 157.0% compared to the same quarter last year. On average, equities analysts expect that Credo Technology Group Holding Ltd. will post 3.93 EPS for the current fiscal year.

Insider Activity

In related news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares of the company’s stock, valued at $737,630,712. This represents a 0.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William Joseph Brennan sold 50,000 shares of the company’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 $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares in the company, valued at $209,764,835.36. This represents a 2.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 386,608 shares of company stock worth $50,371,351 over the last ninety days. 11.84% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRDO. Corient Private Wealth LLC increased its position in Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after buying an additional 3,597,318 shares in the last quarter. Amundi increased its position in Credo Technology Group by 28,478.2% during the 4th quarter. Amundi now owns 1,559,796 shares of the company’s stock valued at $224,439,000 after buying an additional 1,554,338 shares in the last quarter. Janus Henderson Group PLC increased its position in Credo Technology Group by 841.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock valued at $228,979,000 after buying an additional 1,422,391 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Credo Technology Group by 161.5% in the third 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. Finally, Rafferty Asset Management LLC acquired a new position in shares of Credo Technology Group in the third quarter valued at about $183,553,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.