Credo Technology Group (NASDAQ:CRDO) Shares Down 2.4% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares traded down 2.4% during mid-day trading on Monday . The company traded as low as $197.01 and last traded at $208.14. Approximately 4,974,464 shares traded hands during trading, a decline of 35% from the average session volume of 7,640,172 shares. The stock had previously closed at $213.15.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of research reports. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 target price on the stock. Stifel Nicolaus raised their price objective on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. Needham & Company LLC raised their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research note on Monday, June 1st. The Goldman Sachs Group reiterated a “buy” rating and set a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Finally, Barclays boosted their target price on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $266.17.

Credo Technology Group Stock Performance

The stock has a market capitalization of $33.19 billion, a PE ratio of 72.14, a P/E/G ratio of 0.95 and a beta of 3.20. The firm’s 50 day moving average is $236.79 and its two-hundred day moving average is $170.98.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same period in the prior year, the company posted $0.20 EPS. The business’s revenue was up 157.0% compared to the same quarter last year. On average, analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Activity

In other news, CEO William Joseph Brennan sold 54,984 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $218.57, for a total value of $12,017,852.88. Following the transaction, the chief executive officer owned 367,327 shares in the company, valued at approximately $80,286,662.39. This trade represents a 13.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 40,000 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the transaction, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at $125,207,276.04. The trade was a 7.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 302,162 shares of company stock valued at $72,080,421 in the last 90 days. Insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Crewe Advisors LLC grew its position in Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after buying an additional 106 shares in the last quarter. Reflection Asset Management bought a new position in shares of Credo Technology Group during the 4th quarter valued at $25,000. Acumen Wealth Advisors LLC bought a new stake in Credo Technology Group during the fourth quarter valued at about $25,000. Flagship Harbor Advisors LLC purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $32,000. Finally, AlphaCentric Advisors LLC acquired a new position in shares of Credo Technology Group during the first quarter valued at about $33,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

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.