Credo Technology Group (NASDAQ:CRDO) Trading Down 1.3% After Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 1.3% during trading on Monday following insider selling activity. The company traded as low as $141.06 and last traded at $142.02. Approximately 5,551,678 shares changed hands during mid-day trading, a decline of 0% from the average daily volume of 5,561,060 shares. The stock had previously closed at $143.91.

Specifically, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $153.16, for a total transaction of $7,658,000.00. Following the completion of the sale, the chief executive officer directly owned 1,892,502 shares of the company’s stock, valued at $289,855,606.32. This trade represents a 2.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William Joseph Brennan sold 18,016 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.16, for a total transaction of $2,759,330.56. Following the completion of the transaction, the chief executive officer directly owned 301,891 shares in the company, valued at $46,237,625.56. This trade represents a 5.63% decrease in their position. The SEC filing for this sale provides additional information. In related news, COO Yat Tung Lam sold 370,000 shares of the firm’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the completion of the transaction, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at approximately $61,276,000. This trade represents a 48.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

Several research firms have commented on CRDO. Cowen reissued a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. TD Cowen increased their price target 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. Wolfe Research set a $240.00 price target on Credo Technology Group in a report on Tuesday, December 2nd. New Street Research set a $240.00 price objective on Credo Technology Group in a report on Tuesday, December 2nd. Finally, Barclays increased their target price on Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a research report on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of “Buy” and a consensus price target of $206.85.

Credo Technology Group Stock Down 1.3%

The company’s 50 day moving average price is $156.62 and its two-hundred day moving average price is $128.22. The firm has a market cap of $25.65 billion, a PE ratio of 124.58 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last released 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 during the quarter, compared to analysts’ expectations of $234.99 million. During the same period in the previous year, the company earned $0.07 EPS. The firm’s revenue for the quarter was up 272.1% compared to the same quarter last year. On average, analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its position in shares of Credo Technology Group by 36.5% during the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after purchasing an additional 1,739,844 shares during the last quarter. Bank of America Corp DE increased its stake in 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 buying an additional 1,406,752 shares during the period. Rafferty Asset Management LLC bought a new stake in Credo Technology Group during the 3rd quarter valued at about $183,553,000. Alliancebernstein L.P. boosted its position in Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after buying an additional 1,218,504 shares during the period. Finally, Marshall Wace LLP boosted its position in Credo Technology Group by 2,537.7% in the 3rd quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock valued at $167,452,000 after buying an additional 1,106,401 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.