Credo Technology Group (NASDAQ:CRDO) Shares Down 11% Following Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) was down 11% during mid-day trading on Friday following insider selling activity. The company traded as low as $231.08 and last traded at $238.4450. Approximately 38,456,420 shares traded hands during trading, an increase of 393% from the average session volume of 7,799,860 shares. The stock had previously closed at $268.03.

Specifically, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $270.94, for a total transaction of $7,450,850.00. Following the transaction, the chief technology officer owned 5,937,370 shares of the company’s stock, valued at $1,608,671,027.80. This trade represents a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Evercore started coverage on Credo Technology Group in a research note on Monday. They set an “outperform” rating and a $325.00 price objective for the company. Rothschild & Co Redburn started coverage on Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 target price on the stock. Stifel Nicolaus boosted their target price on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a report on Monday. Bank of America upped their price target on Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $250.00 price target on shares of Credo Technology Group in a report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $263.11.

Credo Technology Group Trading Down 11.0%

The stock has a fifty day simple moving average of $211.63 and a two-hundred day simple moving average of $156.69. The company has a market cap of $44.47 billion, a PE ratio of 96.15, a price-to-earnings-growth ratio of 1.23 and a beta of 3.22.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Pacer Advisors Inc. lifted its holdings in Credo Technology Group by 32.6% in the first quarter. Pacer Advisors Inc. now owns 22,736 shares of the company’s stock valued at $2,134,000 after acquiring an additional 5,585 shares during the period. PVG Asset Management Corp acquired a new position in shares of Credo Technology Group during the 1st quarter worth $84,000. Carmignac Gestion acquired a new position in shares of Credo Technology Group during the 1st quarter worth $34,216,000. NewEdge Advisors LLC increased its holdings in shares of Credo Technology Group by 24.1% in the 1st quarter. NewEdge Advisors LLC now owns 5,883 shares of the company’s stock valued at $552,000 after purchasing an additional 1,141 shares in the last quarter. Finally, Glenmede Trust Co. NA increased its holdings in shares of Credo Technology Group by 2.0% in the 1st quarter. Glenmede Trust Co. NA now owns 5,706 shares of the company’s stock valued at $536,000 after purchasing an additional 114 shares in the last quarter. Institutional investors and hedge funds 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.