Credo Technology Group (NASDAQ:CRDO) Shares Down 8.1% on Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price fell 8.1% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $235.50 and last traded at $236.88. Approximately 6,709,393 shares traded hands during trading, a decline of 14% from the average daily volume of 7,795,950 shares. The stock had previously closed at $257.79.

Specifically, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the transaction, the chief financial officer owned 504,708 shares of the company’s stock, valued at $124,097,603.04. This represents a 1.48% decrease in their ownership of the stock. 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. Also, CTO Chi Fung Cheng sold 3,790 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $258.71, for a total value of $980,510.90. Following the completion of the sale, the chief technology officer owned 140,358 shares in the company, valued at approximately $36,312,018.18. This represents a 2.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In related news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction that occurred on 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 owned 5,882,370 shares in the company, valued at $1,429,768,852.20. This trade represents a 0.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Rosenblatt Securities lifted their price objective on Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Rothschild & Co Redburn assumed coverage on Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 target price on the stock. Mizuho lifted their price objective on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Evercore assumed coverage on shares of Credo Technology Group in a research report on Monday, June 22nd. They set an “outperform” rating and a $325.00 target price on the stock. Finally, Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Buy” and an average target price of $263.11.

Credo Technology Group Stock Down 8.1%

The business has a fifty day moving average of $228.75 and a 200 day moving average of $164.67. The firm has a market cap of $44.18 billion, a P/E ratio of 95.54, a P/E/G ratio of 1.18 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping 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%.The company’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.20 EPS. On average, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Accel Wealth Management acquired a new position in Credo Technology Group during the second quarter valued at approximately $383,000. Nolet Wealth Management LLC acquired a new stake in Credo Technology Group in the second quarter worth $214,000. Generali Investments Management Co LLC bought a new position in shares of Credo Technology Group during the second quarter worth $695,000. Redhawk Wealth Advisors Inc. bought a new position in shares of Credo Technology Group during the second quarter worth $243,000. Finally, Wealthcare Advisory Partners LLC grew its holdings in shares of Credo Technology Group by 3.0% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 3,458 shares of the company’s stock valued at $940,000 after buying an additional 101 shares during the period. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.