Credo Technology Group (NASDAQ:CRDO) Issues Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Credo Technology Group (NASDAQ:CRDO) announced its earnings results on Tuesday. The company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.17 by $0.03, FiscalAI reports. The business had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $473.30 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.

Credo Technology Group Price Performance

Shares of CRDO traded down $19.56 during trading hours on Tuesday, hitting $206.63. The stock had a trading volume of 7,759,576 shares, compared to its average volume of 7,183,688. Credo Technology Group has a 1-year low of $86.49 and a 1-year high of $308.67. The firm has a market capitalization of $38.83 billion, a P/E ratio of 83.32, a price-to-earnings-growth ratio of 1.06 and a beta of 3.23. The firm has a 50 day simple moving average of $237.11 and a 200-day simple moving average of $187.97.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the completion of the sale, the chief financial officer owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. This trade represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible 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, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total value of $6,684,150.00. Following the sale, the chief technology officer owned 5,882,370 shares of the company’s stock, valued at approximately $1,429,768,852.20. This represents a 0.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 435,076 shares of company stock worth $101,043,506 in the last three months. Insiders own 9.06% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CRDO. Acumen Wealth Advisors LLC bought a new stake in shares of Credo Technology Group during the fourth quarter worth about $25,000. Van ECK Associates Corp purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $37,000. Quarry LP raised its position in Credo Technology Group by 642.5% in the 3rd quarter. Quarry LP now owns 297 shares of the company’s stock valued at $43,000 after buying an additional 257 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after acquiring an additional 333 shares in the last quarter. Finally, Transamerica Financial Advisors LLC grew its stake in shares of Credo Technology Group by 268.6% in the 4th quarter. Transamerica Financial Advisors LLC now owns 317 shares of the company’s stock worth $46,000 after acquiring an additional 231 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRDO. Weiss Ratings reiterated a “hold (c+)” rating on shares of Credo Technology Group in a report on Friday, August 21st. Roth Capital upped their target price on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Wall Street Zen cut Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $215.00 price target on shares of Credo Technology Group in a research note on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and an average target price of $268.39.

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.