Credo Technology Group (NASDAQ:CRDO) Stock Price Down 8.7% on Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 8.7% during trading on Monday after an insider sold shares in the company. The stock traded as low as $189.44 and last traded at $192.67. Approximately 9,023,035 shares traded hands during trading, an increase of 20% from the average session volume of 7,511,981 shares. The stock had previously closed at $210.97.

Specifically, CTO Chi Cheng sold 27,500 shares of the business’s stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $193.12, for a total value of $5,310,800.00. Following the sale, the chief technology officer owned 5,689,897 shares of the company’s stock, valued at $1,098,832,908.64. The trade was a 0.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 5,000 shares of the stock in a transaction on Monday, September 21st. The stock was sold at an average price of $185.00, for a total transaction of $925,000.00. Following the transaction, the insider owned 169,223 shares of the company’s stock, valued at $31,306,255. The trade was a 2.87% decrease in their position. The SEC filing for this sale provides additional information.

Analysts Set New Price Targets

CRDO has been the topic of several recent research reports. Jefferies Financial Group lifted their price target on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Evercore set a $292.00 price objective on shares of Credo Technology Group in a research note on Wednesday, September 2nd. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Roth Capital raised their price objective on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Finally, Bank of America lowered their target price on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a research report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $264.89.

Credo Technology Group Stock Down 0.2%

The business’s 50 day simple moving average is $208.30 and its 200 day simple moving average is $196.63. The stock has a market cap of $36.15 billion, a price-to-earnings ratio of 68.45, a PEG ratio of 0.77 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. The company had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. Credo Technology Group’s revenue for the quarter was up 114.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 EPS. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. City Center Advisors LLC raised its position in shares of Credo Technology Group by 2.1% in the second quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock valued at $706,000 after purchasing an additional 53 shares during the period. Versant Capital Management Inc boosted 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 buying an additional 56 shares during the period. QRG Capital Management Inc. grew its stake in Credo Technology Group by 1.7% in the 1st quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock valued at $507,000 after buying an additional 91 shares during the last quarter. Bank of Nova Scotia grew its stake in Credo Technology Group by 1.6% in the 1st quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock valued at $566,000 after buying an additional 92 shares during the last quarter. Finally, Orion Capital Management LLC acquired a new position in Credo Technology Group in the 2nd quarter valued at about $27,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.

The company’s product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.