Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Get Free Report) fell 7.3% during trading on Monday. The stock traded as low as $138.88 and last traded at $140.02. 8,124,520 shares were traded during trading, an increase of 6% from the average daily volume of 7,632,131 shares. The stock had previously closed at $150.99.
Analyst Upgrades and Downgrades
CRDO has been the topic of several research reports. Rosenblatt Securities reiterated a “neutral” rating and issued a $235.00 price objective on shares of Credo Technology Group in a research note on Thursday, October 15th. Susquehanna lifted their target price on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Evercore set a $292.00 target price on shares of Credo Technology Group in a research note on Wednesday, September 2nd. Mizuho lowered their price target on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating on the stock in a report on Monday, September 21st. Finally, Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $262.67.
Check Out Our Latest Stock Analysis on Credo Technology Group
Credo Technology Group Price Performance
The business has a fifty day moving average of $188.40 and a 200 day moving average of $180.84. The stock has a market cap of $26.32 billion, a price-to-earnings ratio of 49.83, a P/E/G ratio of 0.60 and a beta of 3.29.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued its quarterly earnings data 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. 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 revenue for the quarter was up 114.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 earnings per share. On average, analysts expect that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.
Insider Transactions at Credo Technology Group
In other news, CEO William Brennan sold 16,672 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $151.88, for a total transaction of $2,532,143.36. Following the transaction, the chief executive officer owned 1,600,830 shares in the company, valued at approximately $243,134,060.40. This trade represents a 1.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 dated Friday, September 25th. The stock was sold at an average price of $206.30, for a total value of $10,315,000.00. Following the completion of the sale, the chief operating officer directly owned 2,479,169 shares of the company’s stock, valued at $511,452,564.70. This represents a 1.98% 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 a total of 352,538 shares of company stock worth $67,200,077 in the last 90 days. 9.06% of the stock is owned by insiders.
Hedge Funds Weigh In On Credo Technology Group
Several large investors have recently made changes to their positions in the business. Orion Capital Management LLC bought a new position in Credo Technology Group in the 2nd quarter worth approximately $27,000. Hoey Investments Inc. acquired a new position in Credo Technology Group during the 3rd quarter valued at $31,000. AlphaCentric Advisors LLC acquired a new position in Credo Technology Group during the 1st quarter valued at $33,000. Burkett Financial Services LLC bought a new stake in Credo Technology Group in the 3rd quarter valued at $33,000. Finally, Western Wealth Management LLC bought a new stake in Credo Technology Group in the 1st quarter valued at $38,000. Institutional investors and hedge funds own 80.46% of the company’s stock.
About Credo Technology Group
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.
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