Credo Technology Group (NASDAQ:CRDO) Trading Down 5.2% Following Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price traded down 5.2% on Tuesday following insider selling activity. The stock traded as low as $129.51 and last traded at $132.95. 7,325,332 shares changed hands during mid-day trading, an increase of 4% from the average session volume of 7,055,267 shares. The stock had previously closed at $140.24.

Specifically, CTO Chi Fung Cheng sold 30,000 shares of the firm’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $143.61, for a total transaction of $4,308,300.00. Following the transaction, the chief technology officer owned 6,418,961 shares of the company’s stock, valued at approximately $921,826,989.21. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Ratings Changes

A number of research analysts recently issued reports on CRDO shares. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. TD Cowen increased their price objective on Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. William Blair started coverage on shares of Credo Technology Group in a research note on Thursday, September 18th. They set an “outperform” rating for the company. Finally, Susquehanna raised their price objective on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research report on Wednesday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $206.85.

Credo Technology Group Stock Performance

The company has a market cap of $24.01 billion, a PE ratio of 116.62 and a beta of 2.66. The stock’s 50-day simple moving average is $156.14 and its 200 day simple moving average is $136.02.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.18. The business had revenue of $268.03 million for 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%. The business’s quarterly revenue was up 272.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.07 earnings per share. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently modified their holdings of the business. Savant Capital LLC grew its holdings in Credo Technology Group by 0.7% during the third quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock worth $1,444,000 after acquiring an additional 68 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of Credo Technology Group by 16.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after purchasing an additional 77 shares in the last quarter. Illinois Municipal Retirement Fund grew its stake in shares of Credo Technology Group by 0.6% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock worth $2,298,000 after purchasing an additional 91 shares during the period. Versant Capital Management Inc grew its stake in shares of Credo Technology Group by 18.0% during the 3rd quarter. Versant Capital Management Inc now owns 663 shares of the company’s stock worth $97,000 after purchasing an additional 101 shares during the period. Finally, CIBC Private Wealth Group LLC increased its holdings in shares of Credo Technology Group by 14.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock valued at $125,000 after purchasing an additional 111 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.