Credo Technology Group (NASDAQ:CRDO) Shares Down 1.4% After Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price traded down 1.4% on Tuesday after an insider sold shares in the company. The company traded as low as $143.12 and last traded at $147.81. 2,843,217 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 5,558,359 shares. The stock had previously closed at $149.94.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $150.77, for a total value of $8,292,350.00. Following the transaction, the chief technology officer owned 6,503,961 shares in the company, valued at $980,602,199.97. The trade was a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $143.94, for a total value of $7,916,700.00. Following the sale, the chief technology officer owned 6,558,961 shares of the company’s stock, valued at approximately $944,096,846.34. The trade was a 0.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Ratings Changes

CRDO has been the topic of several research analyst reports. Susquehanna upped their target price on Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a research report on Wednesday, October 22nd. New Street Research set a $240.00 price objective on shares of Credo Technology Group in a research note on Tuesday, December 2nd. TD Cowen increased their target price on shares of Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Cowen restated a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Finally, William Blair began coverage on shares of Credo Technology Group in a report on Thursday, September 18th. They set an “outperform” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Buy” and an average price target of $206.85.

Credo Technology Group Trading Up 1.6%

The firm has a market capitalization of $27.13 billion, a PE ratio of 131.73 and a beta of 2.63. The business has a 50-day moving average of $157.10 and a 200 day moving average of $131.47.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. bought a new stake in Credo Technology Group in the 1st quarter valued at about $25,000. Atlantic Union Bankshares Corp bought a new stake in shares of Credo Technology Group in the third quarter valued at approximately $25,000. First Horizon Corp purchased a new stake in shares of Credo Technology Group during the 3rd quarter valued at approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in Credo Technology Group in the 2nd quarter worth approximately $27,000. Finally, Smartleaf Asset Management LLC grew its stake in Credo Technology Group by 133.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after buying an additional 147 shares in the last quarter. Hedge funds and other institutional investors 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.