Credo Technology Group (NASDAQ:CRDO) Shares Down 2.4% – Time to Sell?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded down 2.4% during mid-day trading on Monday . The stock traded as low as $197.01 and last traded at $208.14. 4,974,464 shares traded hands during trading, a decline of 35% from the average daily volume of 7,640,172 shares. The stock had previously closed at $213.15.

Analyst Ratings Changes

Several equities research analysts have weighed in on CRDO shares. Needham & Company LLC increased their price target on Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Rosenblatt Securities upped their target price on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Stifel Nicolaus raised their target price on Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, June 22nd. Bank of America raised their target price on Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Finally, Barclays boosted their price target on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Credo Technology Group presently has an average rating of “Buy” and a consensus price target of $266.17.

Credo Technology Group Trading Down 2.4%

The stock has a market cap of $38.81 billion, a PE ratio of 83.93, a price-to-earnings-growth ratio of 0.97 and a beta of 3.20. The business has a 50-day moving average price of $235.28 and a 200-day moving average price of $170.09.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the prior year, the firm earned $0.20 EPS. The company’s revenue for the quarter was up 157.0% on a year-over-year basis. Equities analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total value of $6,684,150.00. Following the transaction, the chief technology officer directly owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. This represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 40,000 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. This trade represents a 7.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 274,662 shares of company stock valued at $65,966,071 over the last ninety days. Company insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently modified their holdings of CRDO. City Center Advisors LLC increased its position in shares of Credo Technology Group by 2.1% during the 2nd quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock worth $706,000 after purchasing an additional 53 shares during the last quarter. Versant Capital Management Inc lifted its position in Credo Technology Group by 8.0% in the second quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock valued at $205,000 after buying an additional 56 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Credo Technology Group by 16.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after acquiring an additional 77 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in shares of Credo Technology Group by 1.7% in the 1st quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock worth $507,000 after acquiring an additional 91 shares during the last quarter. Finally, Bank of Nova Scotia lifted its holdings in shares of Credo Technology Group by 1.6% in the 1st quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock worth $566,000 after acquiring an additional 92 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.