Credo Technology Group (NASDAQ:CRDO) Shares Down 3.1% – Should You Sell?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) were down 3.1% on Friday . The company traded as low as $228.60 and last traded at $232.75. Approximately 3,378,702 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 7,212,031 shares. The stock had previously closed at $240.24.

Wall Street Analyst Weigh In

CRDO has been the topic of several analyst reports. Bank of America lifted their target price on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Wall Street Zen lowered Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Evercore started coverage on Credo Technology Group in a research note on Monday, June 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. Jefferies Financial Group lifted their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Barclays upped their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $268.39.

Credo Technology Group Trading Down 3.1%

The company’s 50-day simple moving average is $238.64 and its 200 day simple moving average is $186.88. The stock has a market cap of $43.74 billion, a P/E ratio of 93.85, a PEG ratio of 1.06 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.14. The company had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.Credo Technology Group’s quarterly revenue was up 157.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.20 earnings per share. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Daniel W. Fleming sold 40,000 shares of Credo Technology Group stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the sale, the chief financial officer directly owned 501,873 shares in the company, valued at $125,207,276.04. The trade was a 7.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the completion of the transaction, the chief technology officer directly owned 5,882,370 shares in the company, valued at $1,429,768,852.20. This trade represents a 0.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 435,076 shares of company stock worth $101,043,506 in the last ninety days. Company insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of large investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System lifted its stake in Credo Technology Group by 28,062.9% in the second quarter. California State Teachers Retirement System now owns 67,840,375 shares of the company’s stock valued at $18,449,190,000 after purchasing an additional 67,599,489 shares during the last quarter. Corient Private Wealth LLC increased its position in Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after buying an additional 3,597,318 shares during the last quarter. Amundi increased its position in Credo Technology Group by 28,478.2% in the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after buying an additional 1,554,338 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Credo Technology Group by 841.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock valued at $228,979,000 after buying an additional 1,422,391 shares during the period. Finally, Bank of America Corp DE raised its stake in shares of Credo Technology Group by 161.5% in the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after buying an additional 1,406,752 shares during the period. Hedge funds and other 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.