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

Key Points

• Credo Technology Group's stock reached a new **52-week high** of $125.44, highlighting strong market performance with a trading volume of approximately **3.23 million shares**.
• Analyst ratings are mixed, with one firm downgrading the stock to "hold" while others maintain "buy" or "strong buy" ratings, reflecting confidence in an average target price of **$87.91**.
• Insider activity shows significant share sales, with over **1.27 million shares** sold by insiders in the past 90 days, indicating a **16.04%** ownership by corporate insiders.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $125.44 and last traded at $125.38, with a volume of 3228528 shares traded. The stock had previously closed at $118.57.

Analyst Ratings Changes

A number of research firms have commented on CRDO. Wall Street Zen downgraded shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Roth Capital set a $95.00 price target on shares of Credo Technology Group and gave the stock a "buy" rating in a research report on Friday, June 13th. Barclays set a $85.00 price objective on Credo Technology Group and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. Finally, Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $87.91.

Credo Technology Group Stock Performance

The stock's 50 day simple moving average is $95.05 and its two-hundred day simple moving average is $67.64. The firm has a market capitalization of $21.52 billion, a PE ratio of 464.37, a price-to-earnings-growth ratio of 2.13 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data 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. 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%. Credo Technology Group's revenue was up 179.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.07 EPS. Equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the completion of the sale, the chief technology officer owned 7,603,961 shares of the company's stock, valued at approximately $569,992,916.56. This trade represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lip Bu Tan sold 171,473 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the completion of the sale, the director owned 613,725 shares of the company's stock, valued at approximately $47,809,177.50. The trade was a 21.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,274,583 shares of company stock valued at $113,118,257 over the last 90 days. 16.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wolff Wiese Magana LLC boosted its holdings in Credo Technology Group by 200.0% in the second quarter. Wolff Wiese Magana LLC now owns 450 shares of the company's stock worth $42,000 after acquiring an additional 300 shares in the last quarter. Cullen Frost Bankers Inc. lifted its position in shares of Credo Technology Group by 278.4% during the second quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company's stock worth $44,000 after acquiring an additional 348 shares in the last quarter. Operose Advisors LLC grew its position in shares of Credo Technology Group by 69.2% during the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after purchasing an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Credo Technology Group during the 1st quarter worth $25,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Credo Technology Group in the 1st quarter worth $27,000. 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.

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