Credo Technology Group (NASDAQ:CRDO) Stock Price Down 4.9% Following Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price traded down 4.9% on Thursday after an insider sold shares in the company. The stock traded as low as $149.00 and last traded at $149.12. 5,647,604 shares traded hands during trading, a decline of 13% from the average session volume of 6,464,471 shares. The stock had previously closed at $156.84.

Specifically, Director Sylvia Acevedo sold 2,200 shares of the firm’s stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total transaction of $350,196.00. Following the completion of the sale, the director directly owned 18,545 shares in the company, valued at $2,951,993.10. This trade represents a 10.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 30,000 shares of the business’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $139.93, for a total value of $4,197,900.00. Following the completion of the sale, the chief technology officer owned 6,387,370 shares of the company’s stock, valued at $893,784,684.10. This trade represents a 0.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In related news, CFO Daniel W. Fleming sold 3,902 shares of the company’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $140.15, for a total value of $546,865.30. Following the transaction, the chief financial officer directly owned 446,178 shares in the company, valued at approximately $62,531,846.70. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CRDO. Needham & Company LLC upped their target price on Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, December 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a research report on Monday, December 29th. Stifel Nicolaus set a $160.00 price objective on shares of Credo Technology Group in a report on Wednesday, October 1st. Finally, TD Cowen raised their price objective on Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $220.42.

Credo Technology Group Stock Performance

The stock has a market cap of $27.27 billion, a P/E ratio of 132.43 and a beta of 2.66. The stock has a 50-day moving average price of $152.88 and a 200-day moving average price of $138.70.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.67 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 analyst estimates of $234.99 million. During the same quarter in the prior year, the firm earned $0.07 EPS. The business’s revenue for the quarter was up 272.1% compared to the same quarter last year. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Credo Technology Group by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 16,525,380 shares of the company’s stock worth $2,406,261,000 after purchasing an additional 150,012 shares during the period. JPMorgan Chase & Co. raised its stake in Credo Technology Group by 18.3% in the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after buying an additional 1,190,522 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Credo Technology Group by 4.7% in the second quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock worth $334,740,000 after buying an additional 163,305 shares during the period. Alliancebernstein L.P. grew its holdings in shares of 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 acquiring an additional 1,218,504 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after acquiring an additional 1,406,752 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.