Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $226.49, but opened at $239.15. Credo Technology Group shares last traded at $236.8320, with a volume of 946,525 shares traded.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on CRDO. Weiss Ratings reiterated a "hold (c+)" rating on shares of Credo Technology Group in a research report on Friday, August 21st. Barclays lifted their price target on Credo Technology Group from $260.00 to $300.00 and gave the stock an "overweight" rating in a research note on Monday, July 20th. The Goldman Sachs Group restated a "buy" rating and set a $250.00 price objective on shares of Credo Technology Group in a report on Tuesday, June 2nd. Rosenblatt Securities reaffirmed a "neutral" rating and set a $215.00 price objective on shares of Credo Technology Group in a research note on Monday. Finally, Susquehanna raised their target price on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a "positive" rating in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Credo Technology Group currently has a consensus rating of "Moderate Buy" and an average target price of $268.39.
Read Our Latest Stock Analysis on CRDO
Credo Technology Group Stock Up 5.0%
The firm has a market capitalization of $44.34 billion, a PE ratio of 95.84, a price-to-earnings-growth ratio of 1.04 and a beta of 3.23. The business's 50-day moving average price is $240.05 and its 200-day moving average price is $185.65.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same period in the previous year, the firm posted $0.20 earnings per share. The firm's revenue was up 157.0% on a year-over-year basis. On average, analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.
Insider Activity at Credo Technology Group
In related news, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the completion of the sale, the chief technology officer directly owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 40,000 shares of Credo Technology Group stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer directly owned 501,873 shares of the company's stock, valued at approximately $125,207,276.04. The trade was a 7.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 435,076 shares of company stock valued at $101,043,506. Insiders own 11.84% of the company's stock.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of CRDO. California State Teachers Retirement System grew its stake in shares of Credo Technology Group by 28,062.9% in the 2nd quarter. California State Teachers Retirement System now owns 67,840,375 shares of the company's stock valued at $18,449,190,000 after buying an additional 67,599,489 shares in the last quarter. Vanguard Group Inc. raised its position in Credo Technology Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company's stock valued at $2,386,449,000 after acquiring an additional 59,849 shares in the last quarter. State Street Corp raised its position in Credo Technology Group by 23.4% during the fourth quarter. State Street Corp now owns 4,486,320 shares of the company's stock valued at $645,537,000 after acquiring an additional 849,654 shares in the last quarter. Geode Capital Management LLC raised its position in Credo Technology Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company's stock valued at $555,117,000 after acquiring an additional 184,676 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its stake in Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock valued at $517,835,000 after acquiring an additional 3,597,318 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.
Credo Technology Group Company Profile
(
Get Free Report)
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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