Credo Technology Group (NASDAQ:CRDO) Sets New 12-Month High - Still a Buy?

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $40.59 and last traded at $40.34, with a volume of 1522475 shares trading hands. The stock had previously closed at $39.18.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several recent research reports. The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a "buy" rating in a research report on Friday, September 6th. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Needham & Company LLC boosted their price objective on Credo Technology Group from $29.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, September 5th. TD Cowen raised Credo Technology Group to a "strong-buy" rating in a research note on Monday, September 16th. Finally, Craig Hallum increased their price target on Credo Technology Group from $30.00 to $38.00 and gave the stock a "buy" rating in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $36.56.

Credo Technology Group Stock Up 2.5 %

The company has a 50 day moving average of $32.68 and a two-hundred day moving average of $27.66. The firm has a market cap of $6.63 billion, a P/E ratio of -224.11 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The business had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. Research analysts expect that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $26.85, for a total value of $1,476,750.00. Following the completion of the sale, the chief technology officer now owns 9,278,602 shares in the company, valued at approximately $249,130,463.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $27.67, for a total value of $276,700.00. Following the completion of the sale, the chief operating officer now directly owns 2,807,777 shares of the company's stock, valued at $77,691,189.59. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $26.85, for a total transaction of $1,476,750.00. Following the transaction, the chief technology officer now directly owns 9,278,602 shares in the company, valued at $249,130,463.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,444,817 shares of company stock valued at $45,913,586 over the last three months. Company insiders own 23.89% of the company's stock.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp raised its holdings in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock worth $34,000 after acquiring an additional 400 shares in the last quarter. CWM LLC lifted its holdings in shares of Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company's stock valued at $43,000 after buying an additional 594 shares during the last quarter. US Bancorp DE grew its stake in shares of Credo Technology Group by 4.2% in the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company's stock valued at $499,000 after buying an additional 649 shares in the last quarter. Allworth Financial LP increased its holdings in Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company's stock worth $26,000 after buying an additional 771 shares during the last quarter. Finally, Arcadia Investment Management Corp MI bought a new position in Credo Technology Group during the second quarter valued at approximately $29,000. Institutional investors and hedge funds own 80.46% of the company's stock.

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.

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