Credo Technology Group (NASDAQ:CRDO) Shares Down 3.2% on Analyst Downgrade

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) traded down 3.2% during trading on Friday after Stifel Nicolaus lowered their price target on the stock from $85.00 to $69.00. Stifel Nicolaus currently has a buy rating on the stock. Credo Technology Group traded as low as $36.16 and last traded at $36.52. Approximately 2,408,216 shares were traded during trading, a decline of 31% from the average session volume of 3,502,990 shares. The stock had previously closed at $37.72.

Other research analysts also recently issued research reports about the stock. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Barclays increased their price target on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. The Goldman Sachs Group boosted their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Finally, Bank of America lowered their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $73.50.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, insider James Laufman sold 8,000 shares of Credo Technology Group stock in a transaction on Monday, April 14th. The stock was sold at an average price of $39.09, for a total transaction of $312,720.00. Following the completion of the sale, the insider now directly owns 271,725 shares of the company’s stock, valued at $10,621,730.25. The trade was a 2.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the transaction, the director now owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 578,665 shares of company stock worth $31,561,763 in the last 90 days. 16.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kestra Investment Management LLC purchased a new position in Credo Technology Group during the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co purchased a new position in shares of Credo Technology Group in the 4th quarter valued at $43,000. Principal Securities Inc. raised its position in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after acquiring an additional 576 shares in the last quarter. Quarry LP purchased a new stake in shares of Credo Technology Group during the 4th quarter worth $58,000. Finally, Plato Investment Management Ltd bought a new stake in Credo Technology Group during the fourth quarter valued at about $61,000. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Stock Down 3.2 %

The company has a market cap of $6.20 billion, a PE ratio of -243.47 and a beta of 2.30. The firm has a 50 day simple moving average of $49.32 and a 200-day simple moving average of $54.45.

Credo Technology Group Company Profile

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.