Credo Technology Group (NASDAQ:CRDO) Sets New 52-Week High - Should You Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $92.20 and last traded at $91.92, with a volume of 6378257 shares. The stock had previously closed at $84.57.

Analysts Set New Price Targets

Several research firms have commented on CRDO. Cowen reissued a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Mizuho lowered their target price on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research note on Thursday, April 3rd. Barclays set a $85.00 price target on Credo Technology Group and gave the stock an "overweight" rating in a research report on Tuesday, June 3rd. Stifel Nicolaus upped their price target on Credo Technology Group from $69.00 to $80.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Finally, Roth Capital set a $95.00 price objective on shares of Credo Technology Group and gave the company a "buy" rating in a research report on Friday, June 13th. Twelve research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $81.00.

Credo Technology Group Trading Up 3.1%

The firm has a market cap of $16.14 billion, a price-to-earnings ratio of 352.04, a price-to-earnings-growth ratio of 1.65 and a beta of 2.42. The stock has a 50-day moving average of $62.28 and a 200-day moving average of $60.90.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 9.15%. The company had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. The company's revenue for the quarter was up 179.6% compared to the same quarter last year. As a group, research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $32.96, for a total value of $1,812,800.00. Following the completion of the transaction, the chief technology officer now directly owns 7,938,602 shares of the company's stock, valued at $261,656,321.92. This represents a 0.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the business's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $43.08, for a total value of $430,800.00. Following the transaction, the chief operating officer now owns 2,792,447 shares of the company's stock, valued at $120,298,616.76. This trade represents a 0.36% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,096,139 shares of company stock worth $72,967,963. 16.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $117,242,000. Nuveen LLC bought a new stake in Credo Technology Group during the first quarter worth approximately $52,636,000. Alliancebernstein L.P. lifted its position in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after purchasing an additional 1,305,594 shares during the period. Polar Capital Holdings Plc lifted its position in Credo Technology Group by 382.1% in the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after purchasing an additional 1,150,084 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in Credo Technology Group by 441.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock valued at $65,594,000 after purchasing an additional 795,751 shares in the last quarter. Institutional investors own 80.46% of the company's stock.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.