Credo Technology Group (NASDAQ:CRDO) Shares Down 4.9% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price fell 4.9% on Friday . The company traded as low as $202.68 and last traded at $206.89. 15,561,107 shares traded hands during mid-day trading, an increase of 113% from the average session volume of 7,310,080 shares. The stock had previously closed at $217.50.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRDO. JPMorgan Chase & Co. raised their target price on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research report on Tuesday, June 2nd. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Susquehanna lifted their price objective on shares of Credo Technology Group from $200.00 to $235.00 and gave the company a “positive” rating in a research report on Tuesday. Mizuho lifted their price objective on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, TD Cowen lifted their price objective on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $248.41.

Credo Technology Group Stock Performance

The business’s 50-day moving average price is $169.65 and its 200 day moving average price is $147.19. The company has a market cap of $38.16 billion, a P/E ratio of 83.42, a P/E/G ratio of 1.34 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 36.99%. The company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter last year, the firm posted $0.20 EPS. The company’s quarterly revenue was up 157.0% on a year-over-year basis. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current year.

Insider Activity at Credo Technology Group

In related news, insider James Laufman sold 10,000 shares of Credo Technology Group stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $164.41, for a total transaction of $1,644,100.00. Following the completion of the sale, the insider owned 198,609 shares of the company’s stock, valued at approximately $32,653,305.69. The trade was a 4.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 6,149 shares of Credo Technology Group stock in a transaction dated Sunday, April 5th. The stock was sold at an average price of $101.45, for a total transaction of $623,816.05. Following the sale, the chief executive officer directly owned 222,311 shares of the company’s stock, valued at $22,553,450.95. The trade was a 2.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is currently owned by corporate insiders.

Institutional Trading of Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of CRDO. NewEdge Advisors LLC boosted its holdings in shares of Credo Technology Group by 128.4% during the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after buying an additional 3,972 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after buying an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after buying an additional 7,107 shares during the period. CW Advisors LLC bought a new stake in shares of Credo Technology Group during the 2nd quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after buying an additional 333 shares during the period. 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.