Credo Technology Group (NASDAQ:CRDO) Trading Down 4% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price was down 4% during trading on Monday . The company traded as low as $239.78 and last traded at $239.94. 4,268,419 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 7,505,466 shares. The stock had previously closed at $249.89.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CRDO shares. Susquehanna upped their target price on Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Barclays lifted their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Rosenblatt Securities upped their price objective on shares of Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Finally, Evercore started coverage on shares of Credo Technology Group in a report on Monday, June 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $266.17.

Credo Technology Group Price Performance

The firm has a market cap of $51.41 billion, a price-to-earnings ratio of 111.17, a PEG ratio of 1.10 and a beta of 3.23. The business has a fifty day simple moving average of $238.08 and a 200 day simple moving average of $176.08.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same period in the previous year, the company posted $0.20 earnings per share. The business’s revenue was up 157.0% on a year-over-year basis. On average, research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Chi Fung Cheng sold 27,473 shares of the company’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the completion of the sale, the chief technology officer owned 5,772,397 shares of the company’s stock, valued at approximately $1,209,490,343.41. This represents a 0.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the sale, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. This represents a 1.48% decrease in their position. 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. Insiders sold 435,076 shares of company stock worth $101,043,506 over the last three months. Insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Credo Technology Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after buying an additional 59,849 shares in the last quarter. State Street Corp grew its holdings in Credo Technology Group by 23.4% in the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock valued at $645,537,000 after buying an additional 849,654 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Credo Technology Group by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after acquiring an additional 184,676 shares during the last quarter. Corient Private Wealth LLC increased its stake in shares of Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after acquiring an additional 3,597,318 shares during the last quarter. Finally, Alliancebernstein L.P. raised its holdings in shares of Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the period. 80.46% of the stock is currently 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.