Credo Technology Group (NASDAQ:CRDO) Trading Down 4.5% After Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price fell 4.5% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $159.20 and last traded at $160.31. Approximately 6,795,622 shares changed hands during trading, a decline of 8% from the average session volume of 7,414,369 shares. The stock had previously closed at $167.92.

Specifically, CTO Chi Cheng sold 3,790 shares of the firm’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $170.00, for a total value of $644,300.00. Following the sale, the chief technology officer directly owned 136,568 shares in the company, valued at approximately $23,216,560. This trade represents a 2.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CRDO shares. Roth Capital increased their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Wall Street Zen lowered shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $250.00 price target on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Evercore set a $292.00 price objective on Credo Technology Group in a report on Wednesday, September 2nd. Finally, Mizuho raised their price objective on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $267.39.

Credo Technology Group Stock Performance

The business’s 50 day moving average is $224.88 and its 200 day moving average is $190.34. The company has a market capitalization of $30.13 billion, a price-to-earnings ratio of 57.05, a PEG ratio of 0.67 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The company had revenue of $479.00 million for the quarter, compared to the consensus estimate of $473.30 million. During the same quarter in the previous year, the firm earned $0.52 EPS. Credo Technology Group’s revenue was up 114.7% compared to the same quarter last year. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in CRDO. NewEdge Advisors LLC lifted its position in Credo Technology Group by 128.4% during the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after acquiring an additional 3,972 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after purchasing an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Credo Technology Group by 2.3% in the first 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 purchasing an additional 7,107 shares during the last quarter. CW Advisors LLC purchased a new position in shares of Credo Technology Group in the second quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC lifted its holdings 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 worth $46,000 after purchasing an additional 333 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.