Credo Technology Group (NASDAQ:CRDO) Shares Down 3.1% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares fell 3.1% during mid-day trading on Tuesday . The company traded as low as $111.49 and last traded at $112.33. 5,648,721 shares were traded during trading, a decline of 22% from the average session volume of 7,256,755 shares. The stock had previously closed at $115.98.

Analyst Upgrades and Downgrades

Several analysts recently commented on CRDO shares. Rosenblatt Securities reduced their price target on shares of Credo Technology Group from $170.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Craig Hallum reissued a “buy” rating and set a $200.00 price target on shares of Credo Technology Group in a report on Tuesday, March 3rd. Barclays restated an “overweight” rating and issued a $260.00 price target on shares of Credo Technology Group in a research report on Thursday, January 15th. TD Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Finally, The Goldman Sachs Group set a $165.00 price objective on Credo Technology Group and gave the stock a “buy” rating in a research report on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $206.33.

Credo Technology Group Price Performance

The company has a market capitalization of $20.72 billion, a PE ratio of 62.41 and a beta of 2.67. The stock has a 50-day simple moving average of $129.12 and a 200 day simple moving average of $143.45.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.29. The company had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company’s revenue for the quarter was up 201.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.25 earnings per share. As a group, research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In related news, Director Sylvia Acevedo sold 2,200 shares of the company’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $159.18, for a total value of $350,196.00. Following the completion of the transaction, the director directly owned 18,545 shares in the company, valued at approximately $2,951,993.10. This represents a 10.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $128.67, for a total value of $241,256.25. Following the transaction, the director owned 5,892,034 shares in the company, valued at $758,128,014.78. This trade represents a 0.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 861,101 shares of company stock valued at $126,611,953. 11.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CRDO. Vanguard Group Inc. lifted its holdings in shares of Credo Technology Group by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after acquiring an additional 59,849 shares during the period. JPMorgan Chase & Co. increased its position in Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after purchasing an additional 1,190,522 shares during the last quarter. State Street Corp raised its stake in Credo Technology Group by 23.4% during the fourth quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after purchasing an additional 849,654 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Credo Technology Group by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after purchasing an additional 184,676 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its holdings in shares of Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after purchasing an additional 3,597,318 shares during the last quarter. 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.