Credo Technology Group (NASDAQ:CRDO) Stock Price Up 11% – Should You Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price was up 11% during trading on Tuesday . The company traded as high as $275.43 and last traded at $272.7490. Approximately 8,011,500 shares traded hands during trading, an increase of 2% from the average daily volume of 7,860,401 shares. The stock had previously closed at $245.68.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CRDO shares. Jefferies Financial Group increased their target price on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Bank of America upped their price target on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, June 22nd. Finally, JPMorgan Chase & Co. upped their target price 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. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $263.11.

Credo Technology Group Price Performance

The business has a 50-day simple moving average of $218.70 and a 200 day simple moving average of $159.18. The firm has a market cap of $44.95 billion, a PE ratio of 96.62, a PEG ratio of 1.24 and a beta of 3.19.

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

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the completion of the transaction, the chief financial officer directly owned 501,873 shares in the company, valued at $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Joseph Brennan sold 54,984 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the sale, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at approximately $80,286,662.39. This trade represents a 13.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 377,595 shares of company stock valued at $73,786,174 over the last 90 days. 11.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in CRDO. Vanguard Group Inc. lifted its holdings in Credo Technology Group by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after purchasing an additional 59,849 shares in the last quarter. State Street Corp grew its holdings in Credo Technology Group by 23.4% during the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock valued at $645,537,000 after buying an additional 849,654 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Credo Technology Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after buying an additional 184,676 shares during the last quarter. Corient Private Wealth LLC raised its position in shares of Credo Technology Group by 239,024.5% during the fourth 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 during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after buying an additional 1,218,504 shares in the last quarter. Institutional investors 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.