Credo Technology Group (NASDAQ:CRDO) Stock Price Down 1.2% on Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded down 1.2% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $137.27 and last traded at $140.34. 4,715,690 shares changed hands during mid-day trading, a decline of 15% from the average session volume of 5,558,218 shares. The stock had previously closed at $142.02.

Specifically, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $153.16, for a total value of $7,658,000.00. Following the sale, the chief executive officer owned 1,892,502 shares of the company’s stock, valued at approximately $289,855,606.32. This represents a 2.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William Joseph Brennan sold 18,016 shares of Credo Technology Group stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $153.16, for a total transaction of $2,759,330.56. Following the transaction, the chief executive officer directly owned 301,891 shares of the company’s stock, valued at approximately $46,237,625.56. This represents a 5.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In other Credo Technology Group news, COO Yat Tung Lam sold 370,000 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.19, for a total value of $56,680,300.00. Following the completion of the sale, the chief operating officer owned 400,000 shares of the company’s stock, valued at $61,276,000. This trade represents a 48.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CRDO. Mizuho lifted their price objective on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, December 2nd. Bank of America lifted their price target on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. JPMorgan Chase & Co. assumed coverage on Credo Technology Group in a research report on Friday, October 17th. They issued an “overweight” rating and a $165.00 price target for the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Credo Technology Group in a research report on Monday. Finally, Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $206.85.

Credo Technology Group Price Performance

The stock has a market cap of $25.35 billion, a PE ratio of 123.11 and a beta of 2.63. The company’s fifty day moving average is $156.62 and its 200-day moving average is $128.22.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. 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 earned $0.07 earnings per share. The firm’s revenue was up 272.1% on a year-over-year basis. Analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Credo Technology Group in the first quarter worth approximately $25,000. Atlantic Union Bankshares Corp purchased a new stake in Credo Technology Group in the 3rd quarter valued at $25,000. First Horizon Corp acquired a new stake in shares of Credo Technology Group in the 3rd quarter worth $26,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in shares of Credo Technology Group during the 2nd quarter worth $27,000. Finally, Virtus Advisers LLC acquired a new position in shares of Credo Technology Group during the 1st quarter valued at about $31,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.