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

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded down 11% on Friday following insider selling activity. The company traded as low as $231.08 and last traded at $238.4450. 38,456,420 shares were traded during mid-day 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 Credo Technology Group stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $270.94, for a total value of $7,450,850.00. Following the completion of the transaction, the chief technology officer directly owned 5,937,370 shares in the company, valued at approximately $1,608,671,027.80. This trade represents a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Jefferies Financial Group boosted their price target 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. Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Evercore assumed coverage on Credo Technology Group in a research note on Monday. They issued an “outperform” rating and a $325.00 price target on the stock. Finally, Stifel Nicolaus upped their price objective on Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Credo Technology Group presently has an average rating of “Buy” and a consensus price target of $263.11.

Credo Technology Group Stock Down 11.0%

The firm has a fifty day simple moving average of $211.63 and a 200-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 posted its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The business had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business’s revenue was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.20 earnings per share. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Corient Private Wealth LLC grew its position in shares of Credo Technology Group by 239,024.5% during the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after acquiring an additional 3,597,318 shares during the last quarter. Amundi boosted its stake in Credo Technology Group by 28,478.2% during the 4th quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after purchasing an additional 1,554,338 shares during the period. Janus Henderson Group PLC boosted its stake in Credo Technology Group by 841.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock worth $228,979,000 after purchasing an additional 1,422,391 shares during the period. Bank of America Corp DE grew its position in Credo Technology Group by 161.5% during the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after purchasing an additional 1,406,752 shares during the last quarter. Finally, Rafferty Asset Management LLC purchased a new position in Credo Technology Group during the 3rd quarter worth $183,553,000. Institutional investors and hedge funds 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.