Credo Technology Group (NASDAQ:CRDO) Shares Down 1.2% on Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares dropped 1.2% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $137.27 and last traded at $140.34. Approximately 4,715,690 shares changed hands during mid-day trading, a decline of 15% from the average daily volume of 5,558,218 shares. The stock had previously closed at $142.02.

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

Wall Street Analysts Forecast Growth

CRDO has been the subject of several research analyst reports. Stifel Nicolaus set a $160.00 price objective on Credo Technology Group in a report on Wednesday, October 1st. Roth Capital upped their price target on shares of Credo Technology Group from $170.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. KGI Securities upgraded shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective for the company in a research report on Tuesday, December 2nd. JPMorgan Chase & Co. started coverage on shares of Credo Technology Group in a report on Friday, October 17th. They issued an “overweight” rating and a $165.00 target price on the stock. Finally, Mizuho increased their target price on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Credo Technology Group has a consensus rating of “Buy” and a consensus target price of $206.85.

Credo Technology Group Stock Performance

The stock has a 50 day moving average of $156.68 and a two-hundred day moving average of $128.78. The stock has a market cap of $25.35 billion, a PE ratio of 123.11 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.49 by $0.18. The company had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business’s revenue for the quarter was up 272.1% on a year-over-year basis. During the same period last year, the company posted $0.07 earnings per share. 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 added to or reduced their stakes in CRDO. HighTower Advisors LLC acquired a new stake in Credo Technology Group during the 1st quarter valued at $244,000. Russell Investments Group Ltd. grew its holdings in shares of Credo Technology Group by 19.2% during the first quarter. Russell Investments Group Ltd. now owns 53,581 shares of the company’s stock valued at $2,152,000 after buying an additional 8,649 shares in the last quarter. Versor Investments LP raised its position in Credo Technology Group by 519.5% during the first quarter. Versor Investments LP now owns 19,125 shares of the company’s stock valued at $768,000 after buying an additional 16,038 shares during the period. Quantbot Technologies LP lifted its stake in Credo Technology Group by 74.6% in the 1st quarter. Quantbot Technologies LP now owns 152,715 shares of the company’s stock worth $6,133,000 after acquiring an additional 65,263 shares in the last quarter. Finally, Candriam S.C.A. purchased a new stake in Credo Technology Group in the 1st quarter worth about $29,258,000. 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.