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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $44.95, but opened at $43.47. Credo Technology Group shares last traded at $41.89, with a volume of 1,253,902 shares traded.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $49.77, for a total value of $2,737,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,048,602 shares of the company’s stock, valued at approximately $400,578,921.54. The trade was a 0.68 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Craig Hallum raised their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus upped their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. The Goldman Sachs Group lifted their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Barclays increased their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Finally, Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group Stock Performance

The company has a market cap of $7.12 billion, a PE ratio of -279.23 and a beta of 2.16. The company has a 50 day simple moving average of $62.03 and a two-hundred day simple moving average of $53.50.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CRDO. JPMorgan Chase & Co. grew its holdings in shares of Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares in the last quarter. Point72 Asset Management L.P. boosted its position in Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after purchasing an additional 1,660,230 shares during the last quarter. Geode Capital Management LLC grew its stake in Credo Technology Group by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company’s stock valued at $222,884,000 after purchasing an additional 138,686 shares in the last quarter. Wellington Management Group LLP increased its position in Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after purchasing an additional 368,518 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.