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

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares traded down 8.1% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $235.50 and last traded at $236.88. 6,709,393 shares traded hands during trading, a decline of 14% from the average session 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 firm’s 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 directly owned 504,708 shares in the company, valued at $124,097,603.04. This trade represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 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 transaction of $980,510.90. Following the completion of the sale, the chief technology officer owned 140,358 shares of the company’s stock, valued at approximately $36,312,018.18. This trade represents a 2.63% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the transaction, the chief technology officer directly owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. The trade was a 0.47% decrease in their position. 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.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Stifel Nicolaus increased their price objective on Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, June 22nd. Jefferies Financial Group upped their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. JPMorgan Chase & Co. increased their price objective on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, June 2nd. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and an average price target of $263.11.

Credo Technology Group Price Performance

The company has a fifty day simple moving average of $228.75 and a two-hundred day simple moving average of $164.67. The company has a market capitalization of $44.18 billion, a P/E ratio of 95.54, a price-to-earnings-growth ratio of 1.18 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. The company had revenue of $437.00 million for the quarter, compared to the consensus estimate 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 quarter last year, the company posted $0.20 earnings per share. Equities analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CRDO. NewEdge Advisors LLC grew its position in Credo Technology Group by 128.4% in the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Credo Technology Group by 63.0% in 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 1st 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 acquiring an additional 7,107 shares during the period. CW Advisors LLC acquired a new stake in shares of Credo Technology Group during the 2nd quarter worth approximately $288,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after purchasing an additional 333 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.