Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Get Free Report)’s share price traded up 1.6% during trading on Friday . The stock traded as high as $164.80 and last traded at $162.95. 5,780,636 shares changed hands during trading, a decline of 22% from the average daily volume of 7,400,539 shares. The stock had previously closed at $160.31.
Analysts Set New Price Targets
A number of research analysts have issued reports on CRDO shares. Evercore set a $292.00 target price on Credo Technology Group in a research note on Wednesday, September 2nd. Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. 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 report on Monday, June 1st. Roth Capital boosted their price objective on 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, The Goldman Sachs Group reissued a “buy” rating and set a $250.00 target price on shares of Credo Technology Group in a research note on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $267.39.
Check Out Our Latest Research Report on CRDO
Credo Technology Group Price Performance
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last posted its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.03. The firm had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The company’s quarterly revenue was up 114.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 earnings per share. Analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.
Insider Activity
In related news, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the transaction, the chief financial officer owned 504,708 shares in the company, valued at approximately $124,097,603.04. This trade represents a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Lam sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $213.33, for a total value of $10,666,500.00. Following the transaction, the chief operating officer directly owned 300,000 shares in the company, valued at approximately $63,999,000. This trade represents a 14.29% 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 ninety days, insiders have sold 313,074 shares of company stock valued at $71,827,816. 9.06% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in CRDO. California State Teachers Retirement System grew its stake in Credo Technology Group by 28,062.9% in 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 buying an additional 67,599,489 shares during the last quarter. Corient Private Wealth LLC lifted its position in Credo Technology Group by 239,024.5% during the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after acquiring an additional 3,597,318 shares during the last quarter. Amundi lifted its position in Credo Technology Group by 28,478.2% during the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after acquiring an additional 1,554,338 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Credo Technology Group by 841.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock worth $228,979,000 after acquiring an additional 1,422,391 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after acquiring an additional 1,406,752 shares during the period. 80.46% of the stock is currently owned by institutional investors.
About Credo Technology Group
Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.
The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.
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