Credo Technology Group (NASDAQ:CRDO) Trading Down 4.4% Following Insider Selling

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) fell 4.4% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $132.76 and last traded at $134.13. 4,723,820 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 5,554,986 shares. The stock had previously closed at $140.34.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $143.94, for a total value of $7,916,700.00. Following the transaction, the chief technology officer directly owned 6,558,961 shares of the company’s stock, valued at $944,096,846.34. The trade was a 0.83% 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 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 sale, the chief executive officer directly owned 1,892,502 shares of the company’s stock, valued at $289,855,606.32. This represents a 2.57% decrease in their position. The SEC filing for this sale provides additional information. In other news, CEO William Joseph Brennan sold 18,016 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $153.16, for a total transaction of $2,759,330.56. Following the completion of the sale, the chief executive officer directly owned 301,891 shares in the company, valued at $46,237,625.56. This represents a 5.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Analyst Ratings Changes

CRDO has been the topic of a number of research analyst reports. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, December 4th. Susquehanna boosted their price objective on Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a research note on Wednesday, October 22nd. JPMorgan Chase & Co. initiated coverage on Credo Technology Group in a research report on Friday, October 17th. They set an “overweight” rating and a $165.00 target price on the stock. New Street Research set a $240.00 target price on Credo Technology Group in a report on Tuesday, December 2nd. Finally, Needham & Company LLC increased their price target on Credo Technology Group from $190.00 to $220.00 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, thirteen have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $206.85.

Credo Technology Group Price Performance

The company has a fifty day moving average price of $156.36 and a 200 day moving average price of $129.49. The stock has a market cap of $27.12 billion, a P/E ratio of 131.69 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. During the same quarter last year, the firm posted $0.07 EPS. Credo Technology Group’s revenue was up 272.1% compared to the same quarter last year. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently added to or reduced their stakes in CRDO. HighTower Advisors LLC bought a new position in shares of Credo Technology Group in the first quarter valued at approximately $244,000. Russell Investments Group Ltd. boosted its position in Credo Technology Group by 19.2% in the first quarter. Russell Investments Group Ltd. now owns 53,581 shares of the company’s stock worth $2,152,000 after purchasing an additional 8,649 shares during the last quarter. Candriam S.C.A. bought a new position in Credo Technology Group in the 1st quarter valued at $29,258,000. Price T Rowe Associates Inc. MD increased its position in shares of Credo Technology Group by 5.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,027,989 shares of the company’s stock valued at $41,285,000 after purchasing an additional 52,054 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in shares of Credo Technology Group during the 1st quarter worth $25,000. Institutional investors own 80.46% of the company’s stock.

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.