Credo Technology Group (NASDAQ:CRDO) Shares Down 4.9% on Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares dropped 4.9% during trading on Thursday following insider selling activity. The company traded as low as $149.00 and last traded at $149.12. Approximately 5,647,604 shares changed hands during trading, a decline of 13% from the average daily volume of 6,464,471 shares. The stock had previously closed at $156.84.

Specifically, Director Sylvia Acevedo sold 2,200 shares of the stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $159.18, for a total transaction of $350,196.00. Following the sale, the director directly owned 18,545 shares in the company, valued at $2,951,993.10. This represents a 10.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $139.93, for a total value of $4,197,900.00. Following the completion of the transaction, the chief technology officer owned 6,387,370 shares of the company’s stock, valued at approximately $893,784,684.10. The trade was a 0.47% decrease in their position. The SEC filing for this sale provides additional information. In other news, CFO Daniel W. Fleming sold 3,902 shares of the firm’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $140.15, for a total value of $546,865.30. Following the completion of the sale, the chief financial officer directly owned 446,178 shares in the company, valued at approximately $62,531,846.70. This trade represents a 0.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CRDO. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, December 4th. Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a research report on Tuesday, December 2nd. TD Cowen raised their price target on shares of Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. JPMorgan Chase & Co. began coverage on shares of Credo Technology Group in a research report on Friday, October 17th. They issued an “overweight” rating and a $165.00 price objective for the company. Finally, Wall Street Zen upgraded Credo Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $220.42.

Credo Technology Group Stock Performance

The firm’s 50-day simple moving average is $153.41 and its 200 day simple moving average is $138.22. The company has a market cap of $26.94 billion, a P/E ratio of 130.81 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. During the same period in the previous year, the firm earned $0.07 earnings per share. The firm’s quarterly revenue was up 272.1% compared to the same quarter last year. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Institutional Trading of Credo Technology Group

Hedge funds have recently modified their holdings of the company. Atlantic Union Bankshares Corp acquired a new position in Credo Technology Group during the third quarter valued at approximately $25,000. First Horizon Corp bought a new stake in shares of Credo Technology Group in the 3rd quarter valued at $26,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in Credo Technology Group during the 2nd quarter worth $27,000. Smartleaf Asset Management LLC raised its stake in Credo Technology Group by 133.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after buying an additional 147 shares during the period. Finally, Park Place Capital Corp bought a new position in Credo Technology Group during the third quarter worth about $41,000. 80.46% of the stock is currently 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.