Credo Technology Group (NASDAQ:CRDO) Trading Up 7.4% - Time to Buy?

Key Points

• CRDO shares jumped 7.4% on Monday, trading as high as $227.51 on volume above its daily average, reflecting strong recent investor interest.
• Analysts remain broadly bullish: multiple firms raised price targets, and the stock now carries a Moderate Buy consensus with an average target price of $248.41.
• Credo posted a strong quarterly report, with EPS of $1.16 and revenue of $437 million, both above expectations, while revenue surged 157% year over year.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) was up 7.4% on Monday . The stock traded as high as $227.51 and last traded at $222.27. Approximately 8,709,929 shares were traded during trading, an increase of 19% from the average daily volume of 7,326,752 shares. The stock had previously closed at $206.89.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CRDO shares. 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 lifted their target price on Credo Technology Group from $200.00 to $300.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Susquehanna lifted their target price on Credo Technology Group from $200.00 to $235.00 and gave the stock a "positive" rating in a report on Tuesday, June 2nd. Mizuho lifted their target price on Credo Technology Group from $260.00 to $290.00 and gave the stock an "outperform" rating in a report on Tuesday, June 2nd. Finally, TD Cowen lifted their target price on Credo Technology Group from $240.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $248.41.

Credo Technology Group Stock Performance

The stock has a market cap of $41.00 billion, a PE ratio of 89.63, a PEG ratio of 1.34 and a beta of 3.22. The stock has a fifty day moving average price of $169.65 and a 200 day moving average price of $147.21.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million during the quarter, compared to analysts' expectations of $431.80 million. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The company's quarterly revenue was up 157.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.20 EPS. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the company's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares of the company's stock, valued at $209,764,835.36. This represents a 2.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the company's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer directly owned 6,272,370 shares in the company, valued at $737,630,712. This trade represents a 0.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 386,608 shares of company stock worth $50,371,351 in the last ninety days. 11.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently bought and sold shares of the business. Corient Private Wealth LLC lifted its holdings in shares of 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 during the period. Amundi grew its position in shares of Credo Technology Group by 28,478.2% during 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 grew its position in shares of Credo Technology Group by 841.9% during 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 grew its position in shares of Credo Technology Group by 161.5% during the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock worth $331,710,000 after buying an additional 1,406,752 shares in the last quarter. Finally, Rafferty Asset Management LLC bought a new position in shares of Credo Technology Group during the 3rd quarter worth $183,553,000. Institutional investors own 80.46% of the company's stock.

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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