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

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shares traded up 1% during mid-day trading on Friday . The stock traded as high as $43.65 and last traded at $42.80. 740,466 shares traded hands during trading, a decline of 79% from the average session volume of 3,540,599 shares. The stock had previously closed at $42.39.

Analyst Ratings Changes

A number of equities analysts have recently commented on CRDO shares. Needham & Company LLC reissued a "buy" rating and issued a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Barclays cut their price target on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Bank of America decreased their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Stifel Nicolaus cut their price objective on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Finally, Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and a consensus target price of $71.50.

Credo Technology Group Trading Up 3.0 %

The firm has a fifty day moving average price of $45.38 and a 200 day moving average price of $55.02. The firm has a market capitalization of $7.42 billion, a price-to-earnings ratio of -291.20 and a beta of 2.30.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $57.87, for a total transaction of $3,182,850.00. Following the sale, the chief technology officer now directly owns 8,213,602 shares of the company's stock, valued at $475,321,147.74. This represents a 0.67 % 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. Also, COO Yat Tung Lam sold 100,000 shares of the business's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $58.66, for a total transaction of $5,866,000.00. Following the completion of the transaction, the chief operating officer now owns 2,825,621 shares of the company's stock, valued at $165,750,927.86. This trade represents a 3.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 618,665 shares of company stock worth $29,993,313 in the last 90 days. Corporate insiders own 16.04% of the company's stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank bought a new position in Credo Technology Group during the fourth quarter worth about $117,242,000. Alliancebernstein L.P. raised its holdings 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 purchasing an additional 1,305,594 shares during the period. Polar Capital Holdings Plc increased its position in shares of Credo Technology Group by 382.1% in the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock valued at $97,527,000 after buying an additional 1,150,084 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after purchasing an additional 909,578 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in Credo Technology Group by 441.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock worth $65,594,000 after buying an additional 795,751 shares during the period. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Company Profile

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.