Credo Technology Group (NASDAQ:CRDO) Shares Down 2.6% – Time to Sell?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares fell 2.6% during trading on Tuesday . The stock traded as low as $119.88 and last traded at $120.83. 3,944,190 shares were traded during trading, a decline of 41% from the average session volume of 6,671,144 shares. The stock had previously closed at $124.05.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Mizuho boosted their price target on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd. Bank of America boosted their target price on Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Barclays reaffirmed an “overweight” rating and set a $260.00 target price on shares of Credo Technology Group in a research report on Thursday, January 15th. Rosenblatt Securities assumed coverage on shares of Credo Technology Group in a research note on Wednesday, January 21st. They issued a “neutral” rating and a $170.00 price objective for the company. Finally, The Goldman Sachs Group set a $165.00 target price on shares of Credo Technology Group and gave the stock a “buy” rating in a report on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.29.

Credo Technology Group Trading Down 2.6%

The business’s fifty day moving average price is $135.63 and its 200 day moving average price is $143.70. The company has a market capitalization of $21.83 billion, a P/E ratio of 105.99 and a beta of 2.65.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. During the same period in the prior year, the company posted $0.07 EPS. The company’s revenue was up 272.1% compared to the same quarter last year. Equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $174.70, for a total value of $9,608,500.00. Following the sale, the chief technology officer owned 6,613,961 shares in the company, valued at approximately $1,155,458,986.70. The trade was a 0.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.16, for a total transaction of $7,658,000.00. Following the completion of the transaction, the chief executive officer owned 1,892,502 shares in the company, valued at approximately $289,855,606.32. This trade represents a 2.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 917,976 shares of company stock worth $136,567,647 over the last three months. 11.84% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. California Public Employees Retirement System boosted its stake in Credo Technology Group by 17.2% in the second quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock valued at $23,848,000 after acquiring an additional 37,772 shares during the last quarter. Optimize Financial Inc bought a new position in shares of Credo Technology Group in the 3rd quarter worth $1,431,000. Estate Counselors LLC acquired a new stake in shares of Credo Technology Group during the third quarter worth $2,548,000. Global Trust Asset Management LLC bought a new stake in Credo Technology Group in the third quarter valued at about $2,167,000. Finally, New York State Common Retirement Fund lifted its stake in Credo Technology Group by 106.5% in the third quarter. New York State Common Retirement Fund now owns 146,134 shares of the company’s stock valued at $21,279,000 after buying an additional 75,369 shares during the period. 80.46% of the stock is owned by institutional investors.

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.