Credo Technology Group (NASDAQ:CRDO) Shares Up 2.3% – Should You Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was up 2.3% on Wednesday . The stock traded as high as $37.52 and last traded at $36.10. Approximately 1,110,117 shares were traded during trading, a decline of 68% from the average daily volume of 3,443,980 shares. The stock had previously closed at $35.30.

Analyst Ratings Changes

Several research firms have commented on CRDO. Mizuho lowered their price target on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. The Goldman Sachs Group upped their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Finally, Stifel Nicolaus raised their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $74.60.

Credo Technology Group Stock Performance

The business’s fifty day simple moving average is $53.29 and its 200 day simple moving average is $54.36. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of -258.13 and a beta of 2.30.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $32.96, for a total value of $1,812,800.00. Following the transaction, the chief technology officer now directly owns 7,938,602 shares of the company’s stock, valued at $261,656,321.92. This represents a 0.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $72.69, for a total transaction of $10,903,500.00. Following the completion of the sale, the director now owns 963,725 shares of the company’s stock, valued at approximately $70,053,170.25. This trade represents a 13.47 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 721,875 shares of company stock worth $44,039,400. 16.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CRDO. Norges Bank acquired a new position in Credo Technology Group in the fourth quarter valued at approximately $117,242,000. Alliancebernstein L.P. boosted its holdings in shares of Credo Technology Group by 299.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after acquiring an additional 1,305,594 shares during the period. Polar Capital Holdings Plc grew its position in 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 worth $97,527,000 after purchasing an additional 1,150,084 shares during the last quarter. JPMorgan Chase & Co. increased its position in 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 acquiring an additional 909,578 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake 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 valued at $65,594,000 after acquiring an additional 795,751 shares in the last quarter. 80.46% of the stock is currently 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.