Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Get Free Report) dropped 1.7% during mid-day trading on Tuesday . The stock traded as low as $167.22 and last traded at $167.75. Approximately 10,173,005 shares traded hands during trading, an increase of 37% from the average daily volume of 7,410,676 shares. The stock had previously closed at $170.57.
Wall Street Analysts Forecast Growth
A number of research analysts have recently issued reports on the company. Stifel Nicolaus lifted their price target on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a report on Monday, June 22nd. Susquehanna lifted their target price on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Roth Capital increased their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Finally, Jefferies Financial Group raised their price target on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. One 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $267.39.
Read Our Latest Analysis on CRDO
Credo Technology Group Trading Down 1.7%
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last announced its quarterly 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. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The company had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $473.30 million. During the same period last year, the business earned $0.52 earnings per share. Credo Technology Group’s quarterly revenue was up 114.7% on a year-over-year basis. On average, analysts predict that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.
Insider Transactions at Credo Technology Group
In other news, CTO Chi Cheng sold 27,473 shares of the company’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 sale, the chief technology officer owned 5,772,397 shares of the company’s stock, valued at $1,209,490,343.41. This represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel Fleming sold 7,580 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 376,784 shares of company stock valued at $88,299,791 over the last ninety days. Insiders own 9.06% of the company’s stock.
Institutional Trading of Credo Technology Group
Several institutional investors and hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System boosted its holdings in Credo Technology Group by 28,062.9% during the 2nd quarter. California State Teachers Retirement System now owns 67,840,375 shares of the company’s stock valued at $18,449,190,000 after acquiring an additional 67,599,489 shares during the period. State Street Corp grew its holdings in shares of Credo Technology Group by 23.4% in the fourth quarter. State Street Corp now owns 4,486,320 shares of the company’s stock valued at $645,537,000 after purchasing an additional 849,654 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Credo Technology Group by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after purchasing an additional 184,676 shares in the last quarter. Corient Private Wealth LLC increased its stake in Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after buying an additional 3,597,318 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after buying an additional 1,218,504 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.
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.
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