Credo Technology Group (NASDAQ:CRDO) Stock Price Up 3.2% - Here's What Happened

Key Points

• Credo Technology Group (CRDO) shares rose 3.2% mid-day, trading as high as $120.76 and last at $115.91 on volume of 6,051,892 shares (down 16% vs. the average session volume).
• Analysts maintain an average "Buy" rating with a mean target of $206.33 (13 Buys, 2 Strong Buys, 2 Holds), with recent price targets in the $200–$230 range.
• Earnings beat: Credo reported $1.07 EPS vs. $0.78 expected and $407.0M revenue (up 201.5% YoY), though insiders sold 861,101 shares worth about $126.6M in the past three months.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) traded up 3.2% during mid-day trading on Wednesday . The stock traded as high as $120.76 and last traded at $115.91. 6,051,892 shares changed hands during trading, a decline of 16% from the average session volume of 7,232,060 shares. The stock had previously closed at $112.33.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Stifel Nicolaus set a $200.00 target price on shares of Credo Technology Group in a report on Tuesday, March 3rd. Craig Hallum restated a "buy" rating and set a $200.00 price target on shares of Credo Technology Group in a report on Tuesday, March 3rd. Roth Mkm dropped their price objective on Credo Technology Group from $250.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, February 10th. KGI Securities raised Credo Technology Group from a "hold" rating to an "outperform" rating and set a $230.00 price objective for the company in a research report on Tuesday, December 2nd. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Credo Technology Group in a report on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Credo Technology Group has an average rating of "Buy" and an average target price of $206.33.

Credo Technology Group Stock Performance

The firm's 50-day simple moving average is $128.47 and its 200-day simple moving average is $143.44. The company has a market capitalization of $21.38 billion, a price-to-earnings ratio of 64.39 and a beta of 2.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business had revenue of $407.01 million during the quarter, compared to analysts' expectations of $385.94 million. During the same quarter last year, the company earned $0.25 earnings per share. The firm's revenue was up 201.5% on a year-over-year basis. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other Credo Technology Group news, CEO William Joseph Brennan sold 18,016 shares of Credo Technology Group stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $127.69, for a total transaction of $2,300,463.04. Following the sale, the chief executive officer owned 252,625 shares in the company, valued at $32,257,686.25. The trade was a 6.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel W. Fleming sold 3,902 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $140.15, for a total value of $546,865.30. Following the sale, the chief financial officer directly owned 446,178 shares in the company, valued at $62,531,846.70. The trade was a 0.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 861,101 shares of company stock worth $126,611,953. 11.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently made changes to their positions in CRDO. Vanguard Group Inc. lifted its holdings in Credo Technology Group by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company's stock valued at $2,386,449,000 after purchasing an additional 59,849 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company's stock worth $1,121,118,000 after buying an additional 1,190,522 shares during the last quarter. State Street Corp boosted its holdings in shares of Credo Technology Group by 23.4% in the 4th quarter. State Street Corp now owns 4,486,320 shares of the company's stock worth $645,537,000 after acquiring an additional 849,654 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Credo Technology Group by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company's stock worth $555,117,000 after acquiring an additional 184,676 shares in the last quarter. Finally, Corient Private Wealth LLC grew its position in Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock worth $517,835,000 after acquiring an additional 3,597,318 shares during the last quarter. Institutional investors own 80.46% of the company's stock.

About Credo Technology Group

Credo Technology Group, Inc NASDAQ: CRDO is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo's product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.

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