Credo Technology Group (NASDAQ:CRDO) Shares Down 3.9% Following Insider Selling

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 3.9% during trading on Monday after an insider sold shares in the company. The stock traded as low as $127.33 and last traded at $128.02. Approximately 4,863,706 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 6,315,143 shares. The stock had previously closed at $133.16.

Specifically, CTO Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $136.33, for a total value of $4,089,900.00. Following the transaction, the chief technology officer directly owned 6,327,370 shares of the company’s stock, valued at $862,610,352.10. The trade was a 0.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 30,000 shares of the firm’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $155.47, for a total transaction of $4,664,100.00. Following the completion of the sale, the chief technology officer owned 6,357,370 shares in the company, valued at $988,380,313.90. This represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CRDO shares. Wolfe Research set a $240.00 price objective on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. Rosenblatt Securities assumed coverage on shares of Credo Technology Group in a research note on Wednesday, January 21st. They set a “neutral” rating and a $170.00 price target for the company. Roth Mkm lifted their price objective on Credo Technology Group from $170.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Finally, Barclays reissued an “overweight” rating and issued a $260.00 target price on shares of Credo Technology Group in a report on Thursday, January 15th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $216.54.

Credo Technology Group Stock Up 1.2%

The company has a market cap of $23.40 billion, a P/E ratio of 113.66 and a beta of 2.66. The business has a 50-day moving average price of $151.01 and a two-hundred day moving average price of $141.54.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. Credo Technology Group’s revenue for the quarter was up 272.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.07 earnings per share. As a group, sell-side analysts expect 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 institutional investors and hedge funds have recently modified their holdings of the business. Revisor Wealth Management LLC lifted its holdings in shares of Credo Technology Group by 162.4% in the fourth quarter. Revisor Wealth Management LLC now owns 3,768 shares of the company’s stock valued at $525,000 after purchasing an additional 2,332 shares in the last quarter. First Horizon Corp raised its position in Credo Technology Group by 151.7% in the 4th quarter. First Horizon Corp now owns 443 shares of the company’s stock valued at $64,000 after buying an additional 267 shares during the last quarter. Asset Management One Co. Ltd. lifted its stake in Credo Technology Group by 4,640.0% in the 4th quarter. Asset Management One Co. Ltd. now owns 66,170 shares of the company’s stock valued at $9,574,000 after acquiring an additional 64,774 shares in the last quarter. Merit Financial Group LLC boosted its position in Credo Technology Group by 9.8% during the 4th quarter. Merit Financial Group LLC now owns 4,028 shares of the company’s stock worth $580,000 after acquiring an additional 361 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Credo Technology Group by 9.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock worth $39,004,000 after acquiring an additional 23,332 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.