Credo Technology Group (NASDAQ:CRDO) Shares Up 3.7% – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price was up 3.7% during mid-day trading on Wednesday. The stock traded as high as $175.50 and last traded at $173.69. 5,189,041 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 7,602,508 shares. The stock had previously closed at $167.43.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CRDO. Susquehanna lifted their price target on Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. JPMorgan Chase & Co. reduced their price objective on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a research note on Wednesday, September 2nd. Wall Street Zen lowered shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, October 6th. Finally, Stifel Nicolaus decreased their target price on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a report on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $262.67.

Credo Technology Group Price Performance

The stock has a fifty day moving average price of $192.84 and a 200-day moving average price of $180.63. The company has a market cap of $32.65 billion, a PE ratio of 61.81, a price-to-earnings-growth ratio of 0.59 and a beta of 3.25.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The business had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $473.30 million. During the same quarter last year, the firm posted $0.52 earnings per share. Credo Technology Group’s revenue was up 114.7% compared to the same quarter last year. On average, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Insider Activity

In other Credo Technology Group news, CTO Chi Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $172.62, for a total transaction of $4,747,050.00. Following the transaction, the chief technology officer owned 5,579,897 shares of the company’s stock, valued at $963,201,820.14. The trade was a 0.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $205.00, for a total transaction of $1,025,000.00. Following the transaction, the insider directly owned 164,223 shares in the company, valued at $33,665,715. The trade was a 2.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 457,952 shares of company stock worth $90,919,736. Corporate insiders own 9.06% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. United Asset Strategies Inc. bought a new stake in Credo Technology Group in the third quarter worth $694,000. Choreo LLC raised its holdings in Credo Technology Group by 21.2% during the third quarter. Choreo LLC now owns 5,665 shares of the company’s stock valued at $1,103,000 after buying an additional 989 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Credo Technology Group by 46.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 4,400 shares of the company’s stock worth $846,000 after buying an additional 1,400 shares during the last quarter. North Dakota State Investment Board lifted its position in shares of Credo Technology Group by 4.3% in the third quarter. North Dakota State Investment Board now owns 5,064 shares of the company’s stock worth $986,000 after buying an additional 210 shares during the last quarter. Finally, VestGen Advisors LLC lifted its holdings in Credo Technology Group by 17.8% in the 3rd quarter. VestGen Advisors LLC now owns 8,803 shares of the company’s stock worth $1,715,000 after purchasing an additional 1,327 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.