Credo Technology Group (NASDAQ:CRDO) Sets New 52-Week High - Here's What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $100.55 and last traded at $98.70, with a volume of 3827059 shares changing hands. The stock had previously closed at $98.52.

Wall Street Analyst Weigh In

CRDO has been the topic of several research reports. Mizuho upped their price target on Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a research note on Thursday, July 3rd. Needham & Company LLC upped their price target on Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Stifel Nicolaus upped their price target on Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a research note on Friday. Roth Capital set a $95.00 price target on Credo Technology Group and gave the company a "buy" rating in a research note on Friday, June 13th. Finally, Susquehanna reissued a "positive" rating and issued a $90.00 target price (up previously from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of "Buy" and an average target price of $85.64.

Credo Technology Group Stock Down 5.0%

The firm has a market capitalization of $16.05 billion, a P/E ratio of 346.50, a P/E/G ratio of 1.82 and a beta of 2.57. The stock has a fifty day moving average of $77.79 and a 200-day moving average of $63.51.

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

Insider Transactions at Credo Technology Group

In related news, insider James Laufman sold 5,000 shares of Credo Technology Group stock in a transaction that occurred 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 completion of the sale, the insider directly owned 249,346 shares of the company's stock, valued at approximately $21,211,864.22. This trade represents a 1.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lip Bu Tan sold 12,248 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $93.22, for a total value of $1,141,758.56. Following the sale, the director directly owned 467,180 shares of the company's stock, valued at approximately $43,550,519.60. The trade was a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,078,139 shares of company stock valued at $82,013,680. 16.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its position in Credo Technology Group by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock worth $222,884,000 after acquiring an additional 138,686 shares during the last quarter. Swedbank AB lifted its holdings in Credo Technology Group by 29.5% during the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company's stock worth $129,280,000 after buying an additional 733,811 shares during the period. Alliancebernstein L.P. lifted its holdings in Credo Technology Group by 6.1% during the 1st quarter. Alliancebernstein L.P. now owns 1,846,387 shares of the company's stock worth $74,151,000 after buying an additional 105,405 shares during the period. Norges Bank acquired a new position in Credo Technology Group during the 4th quarter worth about $117,242,000. Finally, Ameriprise Financial Inc. lifted its holdings in Credo Technology Group by 49.5% during the 4th quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock worth $110,482,000 after buying an additional 543,940 shares during the period. 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.