Credo Technology Group (NASDAQ:CRDO) Trading Down 1.5% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares fell 1.5% during trading on Thursday . The company traded as low as $226.58 and last traded at $231.35. Approximately 3,267,851 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 7,361,354 shares. The stock had previously closed at $234.82.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CRDO. Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Roth Capital raised their price target on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Susquehanna lifted their price objective on Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. Wall Street Zen cut Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, JPMorgan Chase & Co. upped their target price on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $268.39.

Credo Technology Group Trading Down 1.5%

The stock has a 50 day moving average price of $242.57 and a two-hundred day moving average price of $181.53. The company has a market cap of $43.14 billion, a price-to-earnings ratio of 93.29, a P/E/G ratio of 1.12 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping 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 analysts’ expectations of $431.80 million. During the same period in the previous year, the firm earned $0.20 earnings per share. The firm’s quarterly revenue was up 157.0% compared to the same quarter last year. On average, equities analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insider Activity

In other news, CTO Chi Fung Cheng sold 27,473 shares of the company’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $209.53, for a total value of $5,756,417.69. Following the completion of the sale, the chief technology officer directly owned 5,772,397 shares of the company’s stock, valued at $1,209,490,343.41. This represents a 0.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer owned 504,708 shares in the company, valued at $124,097,603.04. This represents a 1.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 435,076 shares of company stock valued at $101,043,506 in the last ninety days. 11.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Corient Private Wealth LLC increased its holdings in shares of Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after acquiring an additional 3,597,318 shares in the last quarter. Amundi grew its position in shares of Credo Technology Group by 28,478.2% in the 4th quarter. Amundi now owns 1,559,796 shares of the company’s stock valued at $224,439,000 after purchasing an additional 1,554,338 shares during the period. Janus Henderson Group PLC increased its stake in Credo Technology Group by 841.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock worth $228,979,000 after purchasing an additional 1,422,391 shares in the last quarter. Bank of America Corp DE increased its stake in Credo Technology Group by 161.5% during the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after purchasing an additional 1,406,752 shares in the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after buying an additional 1,218,504 shares during the period. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Company Profile

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.