Credo Technology Group (NASDAQ:CRDO) Shares Down 4.9% After Insider Selling

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) fell 4.9% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $149.00 and last traded at $149.12. 5,647,604 shares traded hands during trading, a decline of 13% from the average session volume of 6,464,471 shares. The stock had previously closed at $156.84.

Specifically, Director Sylvia Acevedo sold 2,200 shares of Credo Technology Group stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $159.18, for a total transaction of $350,196.00. Following the transaction, the director owned 18,545 shares in the company, valued at $2,951,993.10. The trade was a 10.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 30,000 shares of the stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $139.93, for a total value of $4,197,900.00. Following the sale, the chief technology officer directly owned 6,387,370 shares of the company’s stock, valued at approximately $893,784,684.10. The trade was a 0.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,902 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $140.15, for a total value of $546,865.30. Following the transaction, the chief financial officer owned 446,178 shares of the company’s stock, valued at approximately $62,531,846.70. The trade was a 0.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CRDO. Barclays reaffirmed an “overweight” rating and issued a $260.00 target price on shares of Credo Technology Group in a research note on Thursday. William Blair assumed coverage on Credo Technology Group in a research report on Thursday, September 18th. They set an “outperform” rating for the company. Wall Street Zen upgraded Credo Technology Group from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. New Street Research set a $240.00 price target on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Finally, TD Cowen raised their target price on shares of Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Credo Technology Group presently has an average rating of “Buy” and an average price target of $220.42.

Credo Technology Group Price Performance

The stock has a market capitalization of $26.94 billion, a P/E ratio of 130.81 and a beta of 2.66. The stock’s 50-day simple moving average is $153.41 and its 200 day simple moving average is $138.22.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. Credo Technology Group’s quarterly revenue was up 272.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.07 EPS. As a group, analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Atlantic Union Bankshares Corp bought a new stake in shares of Credo Technology Group in the third quarter valued at approximately $25,000. First Horizon Corp acquired a new position in Credo Technology Group during the 3rd quarter worth approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in shares of Credo Technology Group during the 2nd quarter valued at $27,000. Smartleaf Asset Management LLC grew its holdings in shares of Credo Technology Group by 133.6% during the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after purchasing an additional 147 shares during the last quarter. Finally, Park Place Capital Corp acquired a new position in Credo Technology Group in the 3rd quarter valued at approximately $41,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.