Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Get Free Report) traded up 6.5% on Monday . The company traded as high as $188.76 and last traded at $187.27. 11,067,481 shares traded hands during trading, an increase of 48% from the average daily volume of 7,479,432 shares. The stock had previously closed at $175.89.
Analyst Upgrades and Downgrades
CRDO has been the topic of several analyst reports. 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. Needham & Company LLC raised their price target on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a report on Monday, June 1st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $250.00 target price on shares of Credo Technology Group in a report on Tuesday, June 2nd. Wall Street Zen lowered shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Bank of America lowered their price objective on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a research report on Wednesday, September 2nd. 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $264.89.
Credo Technology Group Trading Up 0.2%
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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. The business had revenue of $479.00 million during the quarter, compared to the consensus estimate of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The business’s revenue was up 114.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.52 EPS. As a group, equities research analysts expect that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.
Insider Buying and Selling at Credo Technology Group
In related news, CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $205.54, for a total transaction of $5,652,350.00. Following the sale, the chief technology officer directly owned 5,799,870 shares of the company’s stock, valued at $1,192,105,279.80. This represents a 0.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 business’s stock in a transaction on 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 of the company’s stock, valued at approximately $124,097,603.04. This trade represents 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. Over the last ninety days, insiders have sold 302,246 shares of company stock worth $64,700,584. 9.06% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Credo Technology Group
Several large investors have recently bought and sold shares of CRDO. Geode Capital Management LLC boosted its stake in shares of Credo Technology Group by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after buying an additional 184,676 shares during the period. Corient Private Wealth LLC raised its holdings in Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after acquiring an additional 3,597,318 shares in the last quarter. Bank of America Corp DE raised its holdings in Credo Technology Group by 13.7% in the second quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock valued at $593,603,000 after acquiring an additional 262,479 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Credo Technology Group by 11.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,021,020 shares of the company’s stock worth $290,805,000 after purchasing an additional 203,462 shares during the last quarter. Finally, Barclays PLC lifted its holdings in Credo Technology Group by 33.8% during the 4th quarter. Barclays PLC now owns 1,448,004 shares of the company’s stock worth $208,353,000 after buying an additional 365,923 shares during 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 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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