Credo Technology Group (NASDAQ:CRDO) Stock Price Up 1.2% – Should You Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price was up 1.2% during mid-day trading on Friday . The stock traded as high as $155.41 and last traded at $150.97. Approximately 4,331,250 shares changed hands during trading, a decline of 31% from the average daily volume of 6,273,158 shares. The stock had previously closed at $149.12.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CRDO shares. Stifel Nicolaus set a $160.00 target price on shares of Credo Technology Group in a research report on Wednesday, October 1st. New Street Research set a $240.00 price target on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, December 4th. Wolfe Research set a $240.00 target price on Credo Technology Group in a report on Tuesday, December 2nd. Finally, KGI Securities raised Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target for the company in a research note on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $220.42.

Credo Technology Group Stock Performance

The stock’s fifty day moving average is $153.14 and its 200 day moving average is $138.29. The stock has a market cap of $27.27 billion, a P/E ratio of 132.43 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company’s quarterly revenue was up 272.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.07 earnings per share. Equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling

In other news, CFO Daniel W. Fleming sold 3,902 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $140.15, for a total value of $546,865.30. Following the completion of the sale, the chief financial officer owned 446,178 shares in the company, valued at approximately $62,531,846.70. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James Laufman sold 10,000 shares of the company’s stock in a transaction dated Wednesday, December 24th. The shares were sold at an average price of $150.00, for a total transaction of $1,500,000.00. Following the transaction, the insider owned 214,905 shares in the company, valued at $32,235,750. The trade was a 4.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,090,476 shares of company stock valued at $167,418,363 over the last 90 days. 11.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. JPMorgan Chase & Co. grew its position in Credo Technology Group by 36.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock valued at $602,662,000 after acquiring an additional 1,739,844 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Credo Technology Group by 161.5% in the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after purchasing an additional 1,406,752 shares during the last quarter. Rafferty Asset Management LLC purchased a new position in Credo Technology Group in the 3rd quarter worth about $183,553,000. Alliancebernstein L.P. increased its stake in Credo Technology Group by 66.0% in 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 during the period. Finally, Marshall Wace LLP lifted its holdings in Credo Technology Group by 2,537.7% during the 3rd quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock valued at $167,452,000 after buying an additional 1,106,401 shares in the last quarter. Hedge funds and other 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.