Credo Technology Group (NASDAQ:CRDO) Trading Down 3% Following Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price fell 3% during trading on Thursday after an insider sold shares in the company. The company traded as low as $138.00 and last traded at $144.94. 6,622,356 shares traded hands during mid-day trading, an increase of 25% from the average session volume of 5,307,437 shares. The stock had previously closed at $149.38.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $164.98, for a total value of $9,073,900.00. Following the completion of the transaction, the chief technology officer directly owned 6,943,961 shares in the company, valued at $1,145,614,685.78. This trade represents a 0.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lip Bu Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $175.12, for a total value of $3,502,400.00. Following the sale, the director directly owned 422,180 shares in the company, valued at approximately $73,932,161.60. The trade was a 4.52% decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of brokerages have issued reports on CRDO. Mizuho increased their price target on Credo Technology Group from $135.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, September 4th. TD Cowen raised their target price on Credo Technology Group from $140.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, September 4th. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $85.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, September 4th. Wall Street Zen lowered Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, September 20th. Finally, Noble Financial upgraded Credo Technology Group to a “strong-buy” rating in a research report on Tuesday, June 3rd. Two research analysts have rated the stock with a Strong Buy rating and thirteen have issued a Buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $126.27.

Credo Technology Group Price Performance

The company has a market cap of $25.07 billion, a PE ratio of 216.33 and a beta of 2.59. The stock has a fifty day moving average price of $127.41 and a 200-day moving average price of $83.97.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. The business had revenue of $223.07 million for the quarter, compared to analyst estimates of $190.63 million. During the same period in the previous year, the firm posted $0.04 earnings per share. The firm’s quarterly revenue was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Institutional Trading of Credo Technology Group

Institutional investors have recently made changes to their positions in the stock. Janney Montgomery Scott LLC increased its stake in Credo Technology Group by 27.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company’s stock valued at $270,000 after buying an additional 1,467 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Credo Technology Group in the first quarter worth $27,000. Teacher Retirement System of Texas raised its holdings in shares of Credo Technology Group by 464.4% during the first quarter. Teacher Retirement System of Texas now owns 34,987 shares of the company’s stock worth $1,405,000 after acquiring an additional 28,788 shares in the last quarter. Triumph Capital Management acquired a new stake in Credo Technology Group during the second quarter valued at $733,000. Finally, Intech Investment Management LLC grew its stake in Credo Technology Group by 153.0% in the first quarter. Intech Investment Management LLC now owns 120,338 shares of the company’s stock valued at $4,833,000 after purchasing an additional 72,782 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 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.