Credo Technology Group (NASDAQ:CRDO) Stock Price Down 1.2% on Insider Selling

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 1.2% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $137.27 and last traded at $140.34. Approximately 4,715,690 shares traded hands during trading, a decline of 15% from the average daily volume of 5,558,218 shares. The stock had previously closed at $142.02.

Specifically, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.16, for a total transaction of $7,658,000.00. Following the completion of the sale, the chief executive officer owned 1,892,502 shares in the company, valued at $289,855,606.32. This trade represents a 2.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William Joseph Brennan sold 18,016 shares of the company’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $153.16, for a total transaction of $2,759,330.56. Following the completion of the transaction, the chief executive officer owned 301,891 shares in the company, valued at $46,237,625.56. This represents a 5.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In other news, COO Yat Tung Lam sold 370,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the completion of the sale, the chief operating officer owned 400,000 shares of the company’s stock, valued at approximately $61,276,000. The trade was a 48.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several research reports. Wall Street Zen upgraded Credo Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. Roth Capital upped their price objective on shares of Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Needham & Company LLC raised their target price on shares of Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. KGI Securities upgraded shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target for the company in a report on Tuesday, December 2nd. Finally, Stifel Nicolaus set a $160.00 price objective on shares of Credo Technology Group in a research note on Wednesday, October 1st. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Credo Technology Group presently has an average rating of “Buy” and an average price target of $206.85.

Credo Technology Group Price Performance

The firm has a market capitalization of $24.23 billion, a P/E ratio of 117.66 and a beta of 2.63. The stock’s fifty day simple moving average is $156.39 and its 200 day simple moving average is $128.82.

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

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in CRDO. JPMorgan Chase & Co. grew its stake in Credo Technology Group by 36.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock valued at $602,662,000 after purchasing an additional 1,739,844 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Credo Technology Group by 161.5% in the third 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 during the last quarter. Rafferty Asset Management LLC acquired a new stake in shares of Credo Technology Group during the third quarter worth about $183,553,000. Alliancebernstein L.P. boosted its position in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after buying an additional 1,218,504 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in Credo Technology Group by 2,537.7% in the 3rd quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock worth $167,452,000 after buying an additional 1,106,401 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.