Credo Technology Group (NASDAQ:CRDO) Shares Up 1% - Still a Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shares traded up 1% during trading on Tuesday . The stock traded as high as $40.48 and last traded at $39.48. 464,790 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 3,487,786 shares. The stock had previously closed at $39.10.

Analyst Ratings Changes

CRDO has been the topic of a number of research analyst reports. Mizuho lowered their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Barclays raised their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Stifel Nicolaus reduced their target price on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a report on Thursday. The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a report on Friday, January 10th. Finally, Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and a consensus target price of $73.50.

Credo Technology Group Stock Performance

The stock has a market capitalization of $6.20 billion, a P/E ratio of -243.47 and a beta of 2.30. The firm's 50-day simple moving average is $48.58 and its 200 day simple moving average is $54.50.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $66.96, for a total transaction of $125,550.00. Following the sale, the director now directly owns 5,902,402 shares in the company, valued at $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the business's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total transaction of $805,900.00. Following the sale, the chief operating officer now directly owns 2,825,621 shares in the company, valued at approximately $227,716,796.39. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 633,665 shares of company stock worth $33,612,713 over the last quarter. Company insiders own 16.04% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CRDO. JPMorgan Chase & Co. lifted its holdings in Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after acquiring an additional 909,578 shares during the period. Geode Capital Management LLC raised its stake in shares of Credo Technology Group by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock worth $222,884,000 after purchasing an additional 138,686 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock worth $61,415,000 after buying an additional 368,518 shares during the last quarter. Norges Bank bought a new position in Credo Technology Group during the fourth quarter valued at about $117,242,000. Finally, Alliancebernstein L.P. raised its position in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after acquiring an additional 1,305,594 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.