Credo Technology Group (NASDAQ:CRDO) Trading 3.2% Higher – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price rose 3.2% on Monday . The company traded as high as $247.40 and last traded at $245.68. Approximately 10,066,449 shares traded hands during trading, an increase of 28% from the average session volume of 7,847,976 shares. The stock had previously closed at $238.00.

Analyst Ratings Changes

A number of research analysts have commented on CRDO shares. Rothschild & Co Redburn began coverage on Credo Technology Group in a research note on Friday, May 1st. They set a “buy” rating and a $206.00 price objective on the stock. Rosenblatt Securities upped their price target on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Evercore assumed coverage on shares of Credo Technology Group in a report on Monday, June 22nd. They set an “outperform” rating and a $325.00 price target for the company. JPMorgan Chase & Co. lifted their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 2nd. Finally, Susquehanna boosted their price objective on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $263.11.

Credo Technology Group Trading Up 3.2%

The company has a market capitalization of $45.81 billion, a price-to-earnings ratio of 99.06, a price-to-earnings-growth ratio of 1.09 and a beta of 3.22. The stock has a 50-day simple moving average of $213.03 and a 200-day simple moving average of $157.10.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The business’s revenue was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.20 earnings per share. On average, research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Buying and Selling

In other news, Director Fariba Danesh sold 1,100 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total value of $259,974.00. Following the sale, the director owned 7,017 shares in the company, valued at approximately $1,658,397.78. This represents a 13.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William Joseph Brennan sold 54,984 shares of Credo Technology Group stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $218.57, for a total value of $12,017,852.88. Following the completion of the transaction, the chief executive officer owned 367,327 shares of the company’s stock, valued at $80,286,662.39. This trade represents a 13.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 416,884 shares of company stock worth $77,492,368. 11.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Corient Private Wealth LLC grew its stake 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 worth $517,835,000 after buying an additional 3,597,318 shares during the last quarter. Amundi raised its holdings in Credo Technology Group by 28,478.2% during the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after purchasing an additional 1,554,338 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of 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 purchasing an additional 1,422,391 shares during the period. Bank of America Corp DE raised its position in 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 worth $331,710,000 after acquiring an additional 1,406,752 shares in the last quarter. Finally, Alliancebernstein L.P. lifted 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 valued at $283,778,000 after purchasing an additional 1,218,504 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

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.