Key Points
- Insider sale: James Laufman sold 5,000 Credo Technology shares for approximately $925,000 at $185 per share, reducing his direct holdings by 2.87% to 169,223 shares.
- Strong financial performance: Credo reported quarterly EPS of $1.20, topping the $1.17 consensus estimate, while revenue rose 114.7% year over year to $479 million.
- Analyst sentiment remains positive: The stock has a “Moderate Buy” consensus rating, with an average price target of $264.89, despite its recent trading price of $193.87 and mixed individual rating changes.
Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) insider James Laufman sold 5,000 shares of the stock in a transaction on Monday, September 21st. The shares were sold at an average price of $185.00, for a total transaction of $925,000.00. Following the sale, the insider directly owned 169,223 shares of the company's stock, valued at $31,306,255. The trade was a 2.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Credo Technology Group Trading Up 0.7%
CRDO stock opened at $193.87 on Thursday. The firm's 50-day moving average price is $209.39 and its two-hundred day moving average price is $194.25. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The stock has a market capitalization of $36.44 billion, a price-to-earnings ratio of 68.99, a PEG ratio of 0.77 and a beta of 3.22.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.17 by $0.03. The firm had revenue of $479.00 million during the quarter, compared to the consensus estimate of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The company's quarterly revenue was up 114.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 earnings per share. Equities analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.
Institutional Trading of Credo Technology Group
Several institutional investors and hedge funds have recently bought and sold shares of CRDO. California State Teachers Retirement System boosted its position in shares of Credo Technology Group by 2.2% during the first quarter. California State Teachers Retirement System now owns 240,886 shares of the company's stock valued at $22,612,000 after purchasing an additional 5,113 shares in the last quarter. Corsair Capital Management L.P. bought a new position in Credo Technology Group in the first quarter worth $469,000. Lazard Asset Management LLC lifted its position in Credo Technology Group by 55.6% during the first quarter. Lazard Asset Management LLC now owns 67,051 shares of the company's stock valued at $6,294,000 after buying an additional 23,949 shares during the period. Quantinno Capital Management LP lifted its position in Credo Technology Group by 68.4% during the first quarter. Quantinno Capital Management LP now owns 34,124 shares of the company's stock valued at $3,203,000 after buying an additional 13,859 shares during the period. Finally, Estuary Capital Management LP lifted its position in Credo Technology Group by 87.4% during the first quarter. Estuary Capital Management LP now owns 412,227 shares of the company's stock valued at $38,696,000 after buying an additional 192,218 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms have weighed in on CRDO. Needham & Company LLC increased their price objective on Credo Technology Group from $220.00 to $275.00 and gave the stock a "buy" rating in a report on Monday, June 1st. Barclays boosted their target price on Credo Technology Group from $260.00 to $300.00 and gave the company an "overweight" rating in a research note on Monday, July 20th. Zacks Research downgraded Credo Technology Group from a "strong-buy" rating to a "hold" rating in a report on Monday, August 3rd. The Goldman Sachs Group restated a "buy" rating and set a $250.00 target price on shares of Credo Technology Group in a report on Tuesday, June 2nd. Finally, Mizuho dropped their price target on Credo Technology Group from $290.00 to $245.00 and set an "outperform" rating for the company in a research note on Monday. One equities research 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 company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $264.89.
Read Our Latest Report on Credo Technology Group
Credo Technology Group Company Profile
(
Get Free Report)
Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.
The company's portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.
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