Key Points
- Credo Technology CEO William Joseph Brennan sold 54,984 shares on June 5 at an average price of $218.57, generating about $12.0 million. After the sale, he still held 367,327 shares, and the transaction reduced his position by 13.02%.
- Credo reported strong quarterly results, with EPS of $1.16 versus the $1.02 consensus and revenue of $437 million, up 157% year over year. The company also continues to show high profitability, with a net margin of 35.37%.
- Wall Street remains bullish on CRDO, with several analysts raising price targets, including Roth Mkm to $300 and Mizuho to $290. The stock has also surged recently, opening at $234.32 and trading near its 12-month high of $252.70.
Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) Director Sylvia Acevedo sold 2,208 shares of the firm's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $211.00, for a total value of $465,888.00. Following the transaction, the director owned 16,337 shares in the company, valued at approximately $3,447,107. This trade represents a 11.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Credo Technology Group Trading Up 5.4%
Shares of NASDAQ:CRDO opened at $234.32 on Wednesday. The stock's fifty day simple moving average is $174.95 and its two-hundred day simple moving average is $148.44. Credo Technology Group Holding Ltd. has a 1-year low of $66.75 and a 1-year high of $252.70. The stock has a market cap of $43.22 billion, a PE ratio of 94.48, a price-to-earnings-growth ratio of 1.44 and a beta of 3.22.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The business had revenue of $437.00 million for the quarter, compared to analysts' expectations of $431.80 million. During the same period last year, the business earned $0.20 EPS. The business's revenue was up 157.0% on a year-over-year basis. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Credo Technology Group
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp bought a new stake in Credo Technology Group in the 3rd quarter valued at about $25,000. Crewe Advisors LLC raised its stake in Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company's stock valued at $25,000 after acquiring an additional 106 shares during the period. Reflection Asset Management bought a new stake in Credo Technology Group in the 4th quarter valued at about $25,000. Acumen Wealth Advisors LLC bought a new stake in Credo Technology Group in the 4th quarter valued at about $25,000. Finally, Flagship Harbor Advisors LLC bought a new stake in Credo Technology Group in the 4th quarter valued at about $32,000. 80.46% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of equities research analysts have recently commented on CRDO shares. Mizuho lifted their target price on Credo Technology Group from $260.00 to $290.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 2nd. Zacks Research upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 19th. Weiss Ratings upgraded Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, May 26th. Craig Hallum reiterated a "buy" rating and set a $200.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Finally, Bank of America lifted their target price on Credo Technology Group from $210.00 to $252.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Credo Technology Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $248.41.
View Our Latest Research Report on Credo Technology Group
Key Credo Technology Group News
Here are the key news stories impacting Credo Technology Group this week:
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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