Credo Technology Group (NASDAQ:CRDO) Reaches New 12-Month High - Here's Why

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock 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.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Mizuho upped their price target on shares of Credo Technology Group from $81.00 to $98.00 and gave the stock an "outperform" rating in a research report on Thursday, July 3rd. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Roth Capital set a $95.00 price objective on shares of Credo Technology Group and gave the stock a "buy" rating in a research note on Friday, June 13th. Susquehanna reiterated a "positive" rating and set a $90.00 price objective (up from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Finally, Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the stock an "overweight" rating in a research note on Tuesday, June 3rd. Twelve equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Credo Technology Group has a consensus rating of "Buy" and an average price target of $82.45.

Credo Technology Group Trading Up 1.9%

The stock has a market capitalization of $16.34 billion, a P/E ratio of 351.04, a P/E/G ratio of 1.66 and a beta of 2.57. The stock's 50 day simple moving average is $70.56 and its 200 day simple moving average is $62.06.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The firm had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. During the same period in the prior year, the firm posted $0.07 EPS. The firm's revenue was up 179.6% compared to the same quarter last year. On average, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, July 7th. The shares were sold at an average price of $91.94, for a total transaction of $5,056,700.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James Laufman sold 5,000 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $85.07, for a total transaction of $425,350.00. Following the sale, the insider directly owned 249,346 shares in the company, valued at $21,211,864.22. This trade represents a 1.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,141,139 shares of company stock valued at $80,876,813. Company insiders own 16.04% of the company's stock.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the business. Janney Montgomery Scott LLC raised its holdings in shares of Credo Technology Group by 27.9% during the first quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock worth $270,000 after purchasing an additional 1,467 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Credo Technology Group in the 1st quarter worth about $27,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Credo Technology Group by 3.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock worth $79,289,000 after acquiring an additional 43,169 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Credo Technology Group by 15.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 21,730 shares of the company's stock worth $873,000 after acquiring an additional 2,947 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Credo Technology Group by 33.2% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,200 shares of the company's stock worth $329,000 after acquiring an additional 2,046 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

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.

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