Credo Technology Group (NASDAQ:CRDO) Trading Down 5.2% on Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price fell 5.2% on Tuesday following insider selling activity. The company traded as low as $129.51 and last traded at $132.95. 7,325,332 shares changed hands during trading, an increase of 4% from the average session volume of 7,055,267 shares. The stock had previously closed at $140.24.

Specifically, CTO Chi Fung Cheng sold 30,000 shares of the company’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $143.61, for a total value of $4,308,300.00. Following the completion of the transaction, the chief technology officer directly owned 6,418,961 shares in the company, valued at approximately $921,826,989.21. This represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of recent analyst reports. Barclays boosted their price objective on shares of Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a report on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 price target on Credo Technology Group in a research note on Wednesday, October 1st. JPMorgan Chase & Co. began coverage on Credo Technology Group in a report on Friday, October 17th. They issued an “overweight” rating and a $165.00 price target for the company. Roth Capital lifted their price objective on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Finally, TD Cowen upped their target price on Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus price target of $206.85.

Credo Technology Group Stock Performance

The company has a market cap of $24.01 billion, a P/E ratio of 116.62 and a beta of 2.66. The business has a fifty day simple moving average of $156.72 and a 200 day simple moving average of $135.69.

Credo Technology Group (NASDAQ:CRDO) last issued 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. The business had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business’s quarterly revenue was up 272.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.07 EPS. Equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of CRDO. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Credo Technology Group in the 1st quarter valued at about $25,000. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group during the third quarter worth about $25,000. First Horizon Corp bought a new position in Credo Technology Group in the third quarter worth about $26,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in Credo Technology Group in the second quarter worth about $27,000. Finally, Smartleaf Asset Management LLC boosted its stake in Credo Technology Group by 133.6% in the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after acquiring an additional 147 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

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.