Credo Technology Group (NASDAQ:CRDO) Stock Price Up 8.6% - Here's What Happened

Key Points

• Shares jumped 8.6% on Monday to $174.53 on about 7.12 million shares traded, valuing Credo at roughly $32.19 billion with a PE of 96.96.
• The company reported a strong quarter, beating expectations with EPS $1.07 vs $0.78 and revenue $407.0M vs $385.9M, driving revenue up 201.5% year‑over‑year and a net margin of 31.81%.
• Analysts' consensus is a "Moderate Buy" with an average target of $207.81 (range includes $175–$260), while insiders have recently sold shares and institutional ownership stands at about 80.5%.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) shares rose 8.6% during trading on Monday . The company traded as high as $174.61 and last traded at $174.53. Approximately 7,117,204 shares changed hands during mid-day trading, a decline of 2% from the average daily volume of 7,297,858 shares. The stock had previously closed at $160.69.

Wall Street Analysts Forecast Growth

CRDO has been the subject of a number of research analyst reports. Craig Hallum restated a "buy" rating and issued a $200.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Rosenblatt Securities increased their price target on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 15th. Weiss Ratings reiterated a "hold (c)" rating on shares of Credo Technology Group in a research note on Friday, March 27th. Barclays reiterated an "overweight" rating and issued a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th. Finally, Mizuho decreased their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $207.81.

Credo Technology Group Trading Up 8.6%

The company has a market cap of $32.19 billion, a PE ratio of 96.96 and a beta of 2.72. The firm has a 50 day moving average of $116.19 and a two-hundred day moving average of $137.18.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.29. The company had revenue of $407.01 million for the quarter, compared to analysts' expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. Credo Technology Group's revenue was up 201.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 EPS. On average, research analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 30,000 shares of the business's stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $136.33, for a total value of $4,089,900.00. Following the completion of the transaction, the chief technology officer directly owned 6,327,370 shares in the company, valued at $862,610,352.10. The trade was a 0.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the transaction, the chief executive officer owned 1,782,502 shares of the company's stock, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 431,499 shares of company stock worth $51,865,795. 11.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently bought and sold shares of CRDO. Corient Private Wealth LLC increased its holdings in Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock worth $517,835,000 after buying an additional 3,597,318 shares in the last quarter. Amundi increased its holdings in Credo Technology Group by 28,478.2% in the 4th quarter. Amundi now owns 1,559,796 shares of the company's stock worth $224,439,000 after buying an additional 1,554,338 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Credo Technology Group by 841.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company's stock worth $228,979,000 after buying an additional 1,422,391 shares in the last quarter. Bank of America Corp DE boosted its holdings in Credo Technology Group by 161.5% in the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock worth $331,710,000 after purchasing an additional 1,406,752 shares during the last quarter. Finally, Rafferty Asset Management LLC bought a new stake in Credo Technology Group in the 3rd quarter worth approximately $183,553,000. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Company Profile

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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