Credo Technology Group (NASDAQ:CRDO) Shares Down 2.8% – Time to Sell?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) were down 2.8% during mid-day trading on Wednesday . The company traded as low as $148.58 and last traded at $156.84. Approximately 4,895,211 shares traded hands during trading, a decline of 25% from the average daily volume of 6,487,641 shares. The stock had previously closed at $161.38.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CRDO. Barclays lifted their price objective on shares of Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a research note on Tuesday, December 2nd. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. TD Cowen upped their price target on shares of Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. Finally, Roth Capital boosted their target price on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group currently has an average rating of “Buy” and an average price target of $217.08.

Credo Technology Group Price Performance

The company has a fifty day simple moving average of $153.73 and a 200-day simple moving average of $138.09. The company has a market cap of $28.33 billion, a P/E ratio of 137.58 and a beta of 2.66.

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, topping the consensus estimate of $0.49 by $0.18. The business had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company’s revenue was up 272.1% compared to the same quarter last year. During the same period last year, the company posted $0.07 EPS. On average, analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Activity

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,902 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $140.15, for a total value of $546,865.30. Following the completion of the transaction, the chief financial officer directly owned 446,178 shares in the company, valued at $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. Also, CEO William Joseph Brennan sold 9,476 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $139.54, for a total transaction of $1,322,281.04. Following the completion of the transaction, the chief executive officer directly owned 270,641 shares in the company, valued at approximately $37,765,245.14. This trade represents a 3.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,088,276 shares of company stock valued at $167,068,167 over the last ninety days. Corporate insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently modified their holdings of CRDO. NewEdge Advisors LLC grew its holdings in shares of Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after buying an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after acquiring an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after purchasing an additional 7,107 shares in the last quarter. Strs Ohio acquired a new stake in shares of Credo Technology Group during the first quarter worth approximately $1,108,000. Finally, Voya Investment Management LLC grew its position in Credo Technology Group by 233.5% during the first quarter. Voya Investment Management LLC now owns 138,516 shares of the company’s stock valued at $5,563,000 after purchasing an additional 96,985 shares in the last quarter. Hedge funds and other 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.