Credo Technology Group (NASDAQ:CRDO) Shares Climb 1.8% – Here’s What Happened

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shot up 1.8% during mid-day trading on Monday. The company traded as high as $181.14 and last traded at $172.81. 7,340,977 shares traded hands during trading, a decline of 3% from the average session volume of 7,588,564 shares. The stock had previously closed at $169.70.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CRDO shares. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, October 6th. TD Cowen lifted their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, August 18th. Evercore set a $292.00 target price on shares of Credo Technology Group in a research note on Wednesday, September 2nd. Finally, Bank of America cut their target price on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a research note on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus target price of $262.67.

Credo Technology Group Trading Up 1.8%

The stock has a market capitalization of $32.48 billion, a price-to-earnings ratio of 61.50, a price-to-earnings-growth ratio of 0.68 and a beta of 3.25. The stock has a 50-day simple moving average of $204.44 and a 200 day simple moving average of $205.65.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.03. The company 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 28.77% and a net margin of 33.83%. The business’s revenue for the quarter was up 114.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.52 EPS. Sell-side analysts expect that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In related news, COO Yat Lam sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $205.22, for a total transaction of $10,261,000.00. Following the transaction, the chief operating officer directly owned 2,254,169 shares of the company’s stock, valued at approximately $462,600,562.18. The trade was a 2.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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, Director Pantas Sutardja sold 1,540 shares of the business’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $212.22, for a total transaction of $326,818.80. Following the transaction, the director directly owned 5,890,494 shares in the company, valued at $1,250,080,636.68. The trade was a 0.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 468,786 shares of company stock valued at $95,025,003 in the last 90 days. Corporate insiders own 9.06% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors have recently modified their holdings of the stock. SteelPeak Wealth LLC purchased a new stake in shares of Credo Technology Group during the third quarter worth $1,108,000. Elevated Financial Group LLC boosted its position in Credo Technology Group by 5.1% during the third quarter. Elevated Financial Group LLC now owns 5,367 shares of the company’s stock valued at $1,045,000 after purchasing an additional 261 shares during the last quarter. Frank Rimerman Advisors LLC boosted its position in Credo Technology Group by 19.3% during the third quarter. Frank Rimerman Advisors LLC now owns 1,507 shares of the company’s stock valued at $294,000 after purchasing an additional 244 shares during the last quarter. Encompass More Asset Management grew its stake in Credo Technology Group by 10.0% in the third quarter. Encompass More Asset Management now owns 3,424 shares of the company’s stock valued at $667,000 after purchasing an additional 311 shares in the last quarter. Finally, Alpine Bank Wealth Management purchased a new position in Credo Technology Group in the third quarter valued at about $40,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.