Credo Technology Group (NASDAQ:CRDO) Shares Down 1.4% on Insider Selling

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded down 1.4% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $143.12 and last traded at $147.81. 2,843,217 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 5,558,359 shares. The stock had previously closed at $149.94.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $150.77, for a total value of $8,292,350.00. Following the completion of the transaction, the chief technology officer owned 6,503,961 shares of the company’s stock, valued at approximately $980,602,199.97. This represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $143.94, for a total transaction of $7,916,700.00. Following the completion of the transaction, the chief technology officer directly owned 6,558,961 shares of the company’s stock, valued at approximately $944,096,846.34. The trade was a 0.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CRDO shares. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. Susquehanna raised their price objective on Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a report on Wednesday, October 22nd. Roth Capital upped their target price on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Bank of America boosted their price target on Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Finally, JPMorgan Chase & Co. assumed coverage on shares of Credo Technology Group in a report on Friday, October 17th. They issued an “overweight” rating and a $165.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $206.85.

Credo Technology Group Trading Down 1.4%

The business’s 50-day simple moving average is $156.36 and its two-hundred day simple moving average is $130.82. The firm has a market cap of $26.70 billion, a price-to-earnings ratio of 129.66 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. During the same quarter in the previous year, the company earned $0.07 EPS. The company’s revenue for the quarter was up 272.1% on a year-over-year basis. On average, analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently bought and sold shares of CRDO. JPMorgan Chase & Co. lifted its stake in shares of Credo Technology Group by 36.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock valued at $602,662,000 after purchasing an additional 1,739,844 shares during the period. Bank of America Corp DE grew its stake in Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after purchasing an additional 1,406,752 shares during the period. Rafferty Asset Management LLC bought a new stake in Credo Technology Group in the third quarter worth approximately $183,553,000. Alliancebernstein L.P. increased its holdings in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in Credo Technology Group by 2,537.7% in the third quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock valued at $167,452,000 after buying an additional 1,106,401 shares during the period. Institutional investors own 80.46% of the company’s stock.

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.