Credo Technology Group (NASDAQ:CRDO) Shares Down 7.6% on Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 7.6% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $184.68 and last traded at $192.28. Approximately 6,644,209 shares changed hands during trading, a decline of 13% from the average session volume of 7,630,686 shares. The stock had previously closed at $208.14.

Specifically, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $222.34, for a total transaction of $6,114,350.00. Following the completion of the sale, the chief technology officer directly owned 5,827,370 shares in the company, valued at approximately $1,295,657,445.80. The trade was a 0.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Needham & Company LLC raised their target price on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Susquehanna increased their price objective on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Rosenblatt Securities raised their price objective on Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Jefferies Financial Group lifted their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $250.00 target price on shares of Credo Technology Group in a report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $266.17.

Credo Technology Group Trading Down 7.6%

The firm has a market capitalization of $35.86 billion, a price-to-earnings ratio of 77.53, a PEG ratio of 0.97 and a beta of 3.20. The company has a fifty day moving average price of $236.32 and a two-hundred day moving average price of $170.62.

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

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. City Center Advisors LLC grew its holdings in Credo Technology Group by 2.1% in the 2nd quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock valued at $706,000 after buying an additional 53 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Credo Technology Group by 8.0% during the 2nd quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock worth $205,000 after acquiring an additional 56 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Credo Technology Group by 16.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after acquiring an additional 77 shares during the period. QRG Capital Management Inc. boosted its position in shares of Credo Technology Group by 1.7% during the 1st quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock valued at $507,000 after acquiring an additional 91 shares during the last quarter. Finally, Bank of Nova Scotia boosted its position in shares of Credo Technology Group by 1.6% during the 1st quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock valued at $566,000 after acquiring an additional 92 shares during the last quarter. 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.