Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Get Free Report)’s share price rose 3.2% on Tuesday . The company traded as high as $247.78 and last traded at $247.69. 2,428,539 shares changed hands during trading, a decline of 67% from the average daily volume of 7,468,853 shares. The stock had previously closed at $239.93.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on CRDO shares. Needham & Company LLC lifted their price objective 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. Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Evercore began coverage on shares of Credo Technology Group in a research note on Monday, June 22nd. They set an “outperform” rating and a $325.00 price objective for the company. Rosenblatt Securities increased their price objective on shares of Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Finally, TD Cowen raised their target price on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average target price of $266.17.
Read Our Latest Report on CRDO
Credo Technology Group Stock Performance
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. During the same quarter last year, the firm earned $0.20 earnings per share. The firm’s revenue for the quarter was up 157.0% compared to the same quarter last year. On average, analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.
Insider Transactions at Credo Technology Group
In other news, COO Yat Tung Lam sold 55,441 shares of the stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total value of $11,810,041.82. Following the completion of the sale, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. This represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,473 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the completion of the transaction, the chief technology officer directly owned 5,772,397 shares in the company, valued at approximately $1,209,490,343.41. 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. In the last quarter, insiders sold 435,076 shares of company stock worth $101,043,506. 11.84% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Credo Technology Group by 9.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock worth $39,004,000 after purchasing an additional 23,332 shares in the last quarter. FengHe Fund Management Pte. Ltd. grew its holdings in Credo Technology Group by 5.7% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after purchasing an additional 8,769 shares in the last quarter. M&T Bank Corp grew its holdings in Credo Technology Group by 428.8% during the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock valued at $1,932,000 after purchasing an additional 10,888 shares in the last quarter. California State Teachers Retirement System increased its stake in Credo Technology Group by 2.2% during the 1st quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after buying an additional 5,113 shares during the period. Finally, Teacher Retirement System of Texas increased its stake in Credo Technology Group by 486.2% during the 4th quarter. Teacher Retirement System of Texas now owns 239,721 shares of the company’s stock worth $34,493,000 after buying an additional 198,826 shares during the period. Institutional investors and hedge funds 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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