Credo Technology Group (NASDAQ:CRDO) Sets New 1-Year High - Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report)'s stock price hit a new 52-week high on Wednesday . The company traded as high as $99.36 and last traded at $97.62, with a volume of 1289375 shares traded. The stock had previously closed at $93.36.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CRDO shares. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. 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. Wall Street Zen lowered shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday. TD Cowen increased their target price on shares of Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. Finally, Cowen reiterated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Credo Technology Group presently has an average rating of "Buy" and an average target price of $82.45.

Credo Technology Group Stock Up 1.3%

The stock's 50 day moving average price is $73.70 and its 200-day moving average price is $62.69. The stock has a market capitalization of $16.91 billion, a P/E ratio of 364.89, a P/E/G ratio of 1.75 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. Credo Technology Group's revenue was up 179.6% compared to the same quarter last year. During the same period last year, the firm earned $0.07 earnings per share. Analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 12,248 shares of the firm's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $93.22, for a total value of $1,141,758.56. Following the completion of the transaction, the director owned 467,180 shares of the company's stock, valued at approximately $43,550,519.60. This trade represents a 2.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $91.94, for a total transaction of $5,056,700.00. Following the completion of the transaction, the chief technology officer directly owned 7,328,961 shares of the company's stock, valued at approximately $673,824,674.34. This represents a 0.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,082,349 shares of company stock worth $78,589,471 over the last three months. Corporate insiders own 16.04% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Larson Financial Group LLC raised its holdings in shares of Credo Technology Group by 21.5% during the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock worth $56,000 after purchasing an additional 245 shares during the last quarter. Operose Advisors LLC raised its holdings in shares of Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after purchasing an additional 252 shares during the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after purchasing an additional 348 shares during the last quarter. Calamos Advisors LLC raised its holdings in shares of Credo Technology Group by 3.1% during the first quarter. Calamos Advisors LLC now owns 17,369 shares of the company's stock worth $698,000 after purchasing an additional 529 shares during the last quarter. Finally, Prudential Financial Inc. raised its holdings in shares of Credo Technology Group by 6.0% during the fourth quarter. Prudential Financial Inc. now owns 9,843 shares of the company's stock worth $662,000 after purchasing an additional 560 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 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.