Credo Technology Group (NASDAQ:CRDO) Sets New 12-Month High - Still a Buy?

Key Points

• Credo Technology Group's stock reached a new 52-week high of $119.90, demonstrating strong performance during recent trading sessions.
• The company reported a 179.6% revenue increase compared to the same quarter last year and exceeded earnings expectations with an EPS of $0.35.
• Analyst ratings are favorable, with a consensus rating of "Buy" and numerous price target increases, indicating positive sentiment towards the company's future performance.

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as $119.90 and last traded at $119.24, with a volume of 38546 shares trading hands. The stock had previously closed at $117.34.

Analyst Ratings Changes

Several analysts recently commented on the stock. Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Wall Street Zen downgraded shares of Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Susquehanna raised their price target on shares of Credo Technology Group from $90.00 to $115.00 and gave the company a "positive" rating in a report on Tuesday, July 22nd. Mizuho raised their price target on shares of Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Finally, Roth Capital set a $95.00 price target on shares of Credo Technology Group and gave the company a "buy" rating in a report on Friday, June 13th. One investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $87.91.

Credo Technology Group Trading Up 1.0%

The company has a market cap of $20.35 billion, a P/E ratio of 438.69, a PEG ratio of 1.98 and a beta of 2.59. The business's 50 day simple moving average is $90.55 and its 200 day simple moving average is $66.68.

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

Insider Activity at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $97.29, for a total transaction of $368,729.10. Following the sale, the chief financial officer owned 582,428 shares in the company, valued at $56,664,420.12. This trade represents a 0.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $107.00, for a total transaction of $200,625.00. Following the completion of the transaction, the director directly owned 5,898,652 shares of the company's stock, valued at approximately $631,155,764. This trade represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,274,583 shares of company stock worth $113,118,257. 16.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CRDO. Operose Advisors LLC increased 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 valued at $25,000 after acquiring an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Credo Technology Group during the 1st quarter worth approximately $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Credo Technology Group in the 1st quarter valued at $27,000. Harbour Investments Inc. acquired a new stake in shares of Credo Technology Group in the 1st quarter worth $29,000. Finally, Virtus Advisers LLC acquired a new stake in shares of Credo Technology Group in the 1st quarter worth $31,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.

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