Key Points
- Insider sale: James Laufman sold 5,000 Credo shares at $205 each for approximately $1.03 million, reducing his position by 2.95% to 164,223 shares.
- Strong operating performance: Credo reported quarterly revenue of $479 million, up 114.7% year over year and above estimates, while EPS of $1.20 exceeded consensus by $0.03.
- Growth and valuation outlook: Analysts maintain a consensus “Moderate Buy” rating with an average price target of $262.67, but Credo’s elevated valuation and execution risks could contribute to volatility despite strong AI-related demand.
Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) insider James Laufman sold 5,000 shares of the stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $205.00, for a total transaction of $1,025,000.00. Following the completion of the sale, the insider owned 164,223 shares of the company's stock, valued at approximately $33,665,715. The trade was a 2.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.
James Laufman also recently made the following trade(s):
- On Monday, September 21st, James Laufman sold 5,000 shares of Credo Technology Group stock. The stock was sold at an average price of $185.00, for a total transaction of $925,000.00.
Credo Technology Group Price Performance
Shares of Credo Technology Group stock opened at $212.48 on Tuesday. The stock's 50 day simple moving average is $207.30 and its 200-day simple moving average is $199.35. The stock has a market cap of $39.94 billion, a P/E ratio of 75.62, a P/E/G ratio of 0.87 and a beta of 3.25. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The firm had revenue of $479.00 million during the quarter, compared to analysts' expectations of $473.30 million. During the same quarter last year, the firm earned $0.52 earnings per share. The business's revenue for the quarter was up 114.7% on a year-over-year basis. As a group, research analysts expect that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.
Key Stories Impacting Credo Technology Group
Here are the key news stories impacting Credo Technology Group this week:
Hedge Funds Weigh In On Credo Technology Group
A number of hedge funds have recently modified their holdings of the business. Corient Private Wealth LLC increased its position in shares of Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock worth $517,835,000 after purchasing an additional 3,597,318 shares during the last quarter. Bank of America Corp DE lifted its position in Credo Technology Group by 13.7% in the second quarter. Bank of America Corp DE now owns 2,182,764 shares of the company's stock valued at $593,603,000 after buying an additional 262,479 shares during the last quarter. Barclays PLC boosted its stake in Credo Technology Group by 33.8% during the fourth quarter. Barclays PLC now owns 1,448,004 shares of the company's stock worth $208,353,000 after buying an additional 365,923 shares during the period. Atreides Management LP boosted its stake in Credo Technology Group by 3.5% during the second quarter. Atreides Management LP now owns 1,129,285 shares of the company's stock worth $307,109,000 after buying an additional 38,052 shares during the period. Finally, Franklin Resources Inc. increased its position in shares of Credo Technology Group by 3.4% during the fourth quarter. Franklin Resources Inc. now owns 1,125,369 shares of the company's stock valued at $161,929,000 after acquiring an additional 36,681 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
CRDO has been the topic of several analyst reports. Rosenblatt Securities lifted their price target on Credo Technology Group from $215.00 to $235.00 and gave the stock a "neutral" rating in a report on Wednesday, September 2nd. Susquehanna upped their price objective on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a "positive" rating in a report on Tuesday, July 21st. Evercore set a $292.00 price objective on shares of Credo Technology Group in a research report on Wednesday, September 2nd. Bank of America reduced their target price on shares of Credo Technology Group from $340.00 to $275.00 and set a "buy" rating on the stock in a research note on Wednesday, September 2nd. Finally, Stifel Nicolaus decreased their target price on shares of Credo Technology Group from $350.00 to $310.00 and set a "buy" rating on the stock in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $262.67.
Check Out Our Latest Stock Analysis on CRDO
Credo Technology Group Company Profile
(
Get Free Report)
Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.
The company's product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.
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