Key Points
- Insider sale: James Laufman sold 10,000 shares on Dec. 24 at an average of $150 for $1.5M, trimming his stake by 4.45% to 214,905 shares (worth about $32.24M).
- Strong quarter and bullish analyst response: Credo reported Q results with $0.67 EPS vs. $0.49 expected and $268.03M revenue (+272% YoY), and several brokers raised price targets (e.g., BofA $240, Mizuho $225, Barclays $220) to an average target of $206.85 with a consensus "Buy".
Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) insider James Laufman sold 10,000 shares of the firm's stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of $150.00, for a total value of $1,500,000.00. Following the transaction, the insider owned 214,905 shares in the company, valued at $32,235,750. The trade was a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Credo Technology Group Trading Down 0.1%
CRDO opened at $144.70 on Tuesday. The business's fifty day simple moving average is $157.26 and its 200-day simple moving average is $133.49. The company has a market capitalization of $26.14 billion, a price-to-earnings ratio of 126.93 and a beta of 2.63. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The company had revenue of $268.03 million for the quarter, compared to analysts' expectations of $234.99 million. During the same period in the prior year, the business earned $0.07 EPS. The firm's quarterly revenue was up 272.1% on a year-over-year basis. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on CRDO. Zacks Research upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Thursday, December 4th. Bank of America lifted their target price on Credo Technology Group from $165.00 to $240.00 and gave the company a "buy" rating in a research note on Tuesday, December 2nd. William Blair started coverage on shares of Credo Technology Group in a research report on Thursday, September 18th. They set an "outperform" rating for the company. Mizuho raised their price target on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an "outperform" rating in a report on Tuesday, December 2nd. Finally, Barclays boosted their price objective on shares of Credo Technology Group from $165.00 to $220.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group has an average rating of "Buy" and an average price target of $206.85.
Check Out Our Latest Stock Analysis on CRDO
Hedge Funds Weigh In On Credo Technology Group
Hedge funds and other institutional investors have recently modified their holdings of the stock. California Public Employees Retirement System increased its holdings in Credo Technology Group by 17.2% in the 2nd quarter. California Public Employees Retirement System now owns 257,567 shares of the company's stock worth $23,848,000 after acquiring an additional 37,772 shares in the last quarter. Thompson Davis & CO. Inc. acquired a new stake in Credo Technology Group in the 2nd quarter worth about $382,000. Realta Investment Advisors purchased a new stake in Credo Technology Group during the 2nd quarter worth approximately $300,000. Ethic Inc. raised its holdings in shares of Credo Technology Group by 35.5% during the second quarter. Ethic Inc. now owns 7,142 shares of the company's stock valued at $668,000 after acquiring an additional 1,873 shares during the last quarter. Finally, Convergence Investment Partners LLC purchased a new position in shares of Credo Technology Group in the second quarter valued at approximately $2,577,000. 80.46% of the stock is owned by hedge funds and other institutional investors.
About Credo Technology Group
(
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.
Further Reading
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