Credo Technology Group (NASDAQ:CRDO) Shares Gap Down on Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $39.18, but opened at $36.92. Credo Technology Group shares last traded at $37.83, with a volume of 357,500 shares traded.

Specifically, insider James Laufman sold 8,000 shares of Credo Technology Group stock in a transaction on Monday, April 14th. The shares were sold at an average price of $39.09, for a total value of $312,720.00. Following the completion of the sale, the insider now owns 271,725 shares of the company’s stock, valued at approximately $10,621,730.25. This trade represents a 2.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $40.75, for a total value of $154,442.50. Following the sale, the chief financial officer now directly owns 608,602 shares of the company’s stock, valued at $24,800,531.50. This represents a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Thursday, April 10th. The shares were sold at an average price of $38.78, for a total transaction of $2,132,900.00. Following the transaction, the chief technology officer now directly owns 7,883,602 shares of the company’s stock, valued at $305,726,085.56. This trade represents a 0.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Stifel Nicolaus increased their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Bank of America cut their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Mizuho dropped their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Thursday, April 3rd. Barclays increased their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $74.60.

Credo Technology Group Trading Down 3.7 %

The company’s 50-day moving average is $50.13 and its 200 day moving average is $54.41. The stock has a market capitalization of $6.40 billion, a PE ratio of -251.47 and a beta of 2.30.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in Credo Technology Group in the 4th quarter valued at about $117,242,000. Alliancebernstein L.P. boosted its position in shares of Credo Technology Group by 299.9% during the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock worth $117,011,000 after acquiring an additional 1,305,594 shares in the last quarter. Polar Capital Holdings Plc raised its stake in Credo Technology Group by 382.1% during the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock worth $97,527,000 after acquiring an additional 1,150,084 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in Credo Technology Group by 441.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock valued at $65,594,000 after acquiring an additional 795,751 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

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.