Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $246.13 and last traded at $250.0490, with a volume of 1750773 shares traded. The stock had previously closed at $222.27.
Analyst Ratings Changes
CRDO has been the subject of a number of recent research reports. Weiss Ratings raised Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. JPMorgan Chase & Co. upped their target price on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, June 2nd. Roth Mkm upped their target price on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Mizuho upped their target price on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Finally, Craig Hallum reissued a “buy” rating and issued a $200.00 price target on shares of Credo Technology Group in a research note on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $248.41.
View Our Latest Report on CRDO
Credo Technology Group Stock Down 3.7%
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.14. The company had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a return on equity of 36.99% 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 quarter in the prior year, the firm posted $0.20 earnings per share. On average, equities analysts expect that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current year.
Insiders Place Their Bets
In related news, CEO William Joseph Brennan sold 6,149 shares of the company’s stock in a transaction dated Sunday, April 5th. The stock was sold at an average price of $101.45, for a total transaction of $623,816.05. Following the sale, the chief executive officer owned 222,311 shares in the company, valued at $22,553,450.95. This represents a 2.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Friday, May 1st. The stock was sold at an average price of $178.99, for a total value of $4,922,225.00. Following the sale, the chief technology officer owned 6,024,870 shares in the company, valued at $1,078,391,481.30. This trade represents a 0.45% 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 have sold 386,608 shares of company stock worth $50,371,351 in the last quarter. 11.84% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Credo Technology Group
Several institutional investors have recently added to or reduced their stakes in the stock. Savant Capital LLC grew its position in Credo Technology Group by 0.7% during the third quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock valued at $1,444,000 after buying an additional 68 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in Credo Technology Group by 16.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after buying an additional 77 shares during the period. Illinois Municipal Retirement Fund grew its position in Credo Technology Group by 0.6% during the third quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock valued at $2,298,000 after buying an additional 91 shares during the period. QRG Capital Management Inc. grew its position in Credo Technology Group by 1.7% during the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock valued at $507,000 after buying an additional 91 shares during the period. Finally, Bank of Nova Scotia grew its position in Credo Technology Group by 1.6% during the first quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock valued at $566,000 after buying an additional 92 shares during the period. Institutional investors own 80.46% of the company’s stock.
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.
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