Credo Technology Group (NASDAQ:CRDO) Stock Price Down 1.4% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares dropped 1.4% on Friday . The stock traded as low as $131.14 and last traded at $133.16. Approximately 4,333,133 shares were traded during trading, a decline of 32% from the average daily volume of 6,411,136 shares. The stock had previously closed at $135.10.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Stifel Nicolaus set a $160.00 price objective on shares of Credo Technology Group in a report on Wednesday, October 1st. 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 research report on Tuesday, December 2nd. Rosenblatt Securities initiated coverage on Credo Technology Group in a report on Wednesday. They set a “neutral” rating and a $170.00 price target for the company. JPMorgan Chase & Co. began coverage on Credo Technology Group in a research note on Friday, October 17th. They issued an “overweight” rating and a $165.00 price objective on the stock. Finally, Wolfe Research set a $240.00 target price on Credo Technology Group in a research report on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $216.54.

Credo Technology Group Price Performance

The firm has a market capitalization of $24.05 billion, a PE ratio of 116.81 and a beta of 2.66. The business has a 50-day simple moving average of $151.81 and a 200-day simple moving average of $140.19.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results 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. The firm had revenue of $268.03 million for the quarter, compared to the consensus estimate 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 for the quarter was up 272.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.07 EPS. On average, research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Sylvia Acevedo sold 2,200 shares of the firm’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total value of $350,196.00. Following the completion of the sale, the director owned 18,545 shares of the company’s stock, valued at $2,951,993.10. This trade represents a 10.60% 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. Also, CEO William Joseph Brennan sold 9,476 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $139.54, for a total value of $1,322,281.04. Following the transaction, the chief executive officer owned 270,641 shares of the company’s stock, valued at $37,765,245.14. This trade represents a 3.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 995,476 shares of company stock worth $154,189,463. 11.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of CRDO. Savant Capital LLC raised its position in Credo Technology Group by 0.7% during the 3rd quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock worth $1,444,000 after buying an additional 68 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Credo Technology Group by 16.2% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after acquiring an additional 77 shares during the period. Illinois Municipal Retirement Fund raised its holdings in shares of Credo Technology Group by 0.6% during the third quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock worth $2,298,000 after purchasing an additional 91 shares during the last quarter. Versant Capital Management Inc raised its holdings in shares of Credo Technology Group by 18.0% during the third quarter. Versant Capital Management Inc now owns 663 shares of the company’s stock worth $97,000 after purchasing an additional 101 shares during the last quarter. Finally, Spirepoint Private Client LLC lifted its position in Credo Technology Group by 6.6% during the fourth quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company’s stock valued at $243,000 after purchasing an additional 105 shares during the period. 80.46% of the stock is owned by institutional investors.

About Credo Technology Group

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.