Credo Technology Group (NASDAQ:CRDO) Trading Down 1.9% – Should You Sell?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price traded down 1.9% on Friday . The company traded as low as $108.88 and last traded at $112.27. 7,381,784 shares traded hands during mid-day trading, an increase of 10% from the average session volume of 6,687,551 shares. The stock had previously closed at $114.48.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a research note on Tuesday, December 2nd. TD Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. Needham & Company LLC restated a “buy” rating and issued a $220.00 target price on shares of Credo Technology Group in a research note on Tuesday, February 10th. Finally, Roth Mkm reduced their price target on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $209.29.

Credo Technology Group Price Performance

The business’s 50 day simple moving average is $134.54 and its 200-day simple moving average is $143.36. The stock has a market capitalization of $20.28 billion, a P/E ratio of 98.48 and a beta of 2.65.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. During the same quarter in the prior year, the business posted $0.07 EPS. The firm’s quarterly revenue was up 272.1% on a year-over-year basis. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction that occurred 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 completion of 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 370,000 shares of Credo Technology Group stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the transaction, the chief operating officer directly owned 400,000 shares in the company, valued at approximately $61,276,000. This represents a 48.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 917,976 shares of company stock worth $136,567,647. 11.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. BDFS Capital LLC bought a new stake in shares of Credo Technology Group in the fourth quarter worth about $775,000. Sit Investment Associates Inc. acquired a new position in shares of Credo Technology Group in the 4th quarter valued at approximately $1,163,000. Mariner Investment Group LLC bought a new stake in Credo Technology Group during the 4th quarter worth approximately $288,000. Pacer Advisors Inc. raised its holdings in Credo Technology Group by 79.7% during the 4th quarter. Pacer Advisors Inc. now owns 17,151 shares of the company’s stock worth $2,468,000 after buying an additional 7,605 shares during the period. Finally, Corient Private Wealth LLC lifted its stake in Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after buying an additional 3,597,318 shares in the last quarter. 80.46% of the stock is currently 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.