Credo Technology Group (NASDAQ:CRDO) Stock Price Down 3.9% on Insider Selling

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) fell 3.9% during trading on Monday following insider selling activity. The stock traded as low as $127.33 and last traded at $128.02. 4,863,706 shares traded hands during trading, a decline of 23% from the average session volume of 6,315,143 shares. The stock had previously closed at $133.16.

Specifically, CTO Chi Fung Cheng sold 30,000 shares of the business’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $136.33, for a total value of $4,089,900.00. Following the sale, the chief technology officer owned 6,327,370 shares of the company’s stock, valued at approximately $862,610,352.10. The trade was a 0.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $155.47, for a total value of $4,664,100.00. Following the transaction, the chief technology officer directly owned 6,357,370 shares of the company’s stock, valued at $988,380,313.90. This represents a 0.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Ratings Changes

Several brokerages have commented on CRDO. Susquehanna boosted their price target 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. Barclays reaffirmed an “overweight” rating and issued a $260.00 price objective on shares of Credo Technology Group in a research note on Thursday, January 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. Rosenblatt Securities began coverage on shares of Credo Technology Group in a research note on Wednesday, January 21st. They set a “neutral” rating and a $170.00 target price for the company. Finally, Bank of America raised their target price on shares of Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and a consensus target price of $216.54.

Credo Technology Group Stock Down 3.9%

The business’s 50 day simple moving average is $151.21 and its 200 day simple moving average is $141.32. The company has a market capitalization of $23.12 billion, a PE ratio of 112.30 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping 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 firm’s quarterly revenue was up 272.1% compared to the same quarter last year. During the same period last year, the firm posted $0.07 earnings per share. On average, analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Institutional Trading of Credo Technology Group

Several large investors have recently added to or reduced their stakes in CRDO. Crewe Advisors LLC boosted its position in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after buying an additional 106 shares during the period. Atlantic Union Bankshares Corp purchased a new stake in Credo Technology Group in the 3rd quarter worth about $25,000. First Horizon Corp purchased a new stake in Credo Technology Group in the 3rd quarter worth about $26,000. Flagship Harbor Advisors LLC acquired a new stake in Credo Technology Group during the 4th quarter worth about $32,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in Credo Technology Group during the 4th quarter valued at about $36,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.