Credo Technology Group (NASDAQ:CRDO) Trading Up 3.6% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares traded up 3.6% during trading on Thursday . The stock traded as high as $241.14 and last traded at $236.50. 4,478,370 shares traded hands during trading, a decline of 42% from the average daily volume of 7,677,271 shares. The stock had previously closed at $228.27.

Analyst Ratings Changes

Several research firms recently issued reports on CRDO. Weiss Ratings raised Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Needham & Company LLC lifted their target price on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Roth Capital boosted their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Barclays increased their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research note on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $266.17.

Credo Technology Group Stock Up 3.6%

The stock has a market capitalization of $44.10 billion, a PE ratio of 95.36, a price-to-earnings-growth ratio of 1.02 and a beta of 3.20. The stock has a fifty day moving average of $233.42 and a 200-day moving average of $168.92.

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

Insider Activity

In related news, Director Sylvia Acevedo sold 2,208 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $211.00, for a total value of $465,888.00. Following the sale, the director owned 16,337 shares of the company’s stock, valued at $3,447,107. This trade represents a 11.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Fariba Danesh sold 1,100 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $236.34, for a total transaction of $259,974.00. Following the completion of the transaction, the director owned 7,017 shares of the company’s stock, valued at $1,658,397.78. This represents a 13.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 302,162 shares of company stock valued at $70,897,646 over the last three months. 11.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors have recently modified their holdings of the company. Corient Private Wealth LLC boosted its position in shares of 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 acquiring an additional 3,597,318 shares in the last quarter. Amundi raised its position in shares of Credo Technology Group by 28,478.2% during the 4th quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after acquiring an additional 1,554,338 shares in the last quarter. Janus Henderson Group PLC raised 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 worth $228,979,000 after acquiring an additional 1,422,391 shares in the last quarter. Bank of America Corp DE lifted its stake in Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after purchasing an additional 1,406,752 shares during 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 worth $283,778,000 after purchasing an additional 1,218,504 shares during the last quarter. 80.46% of the stock is 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.