Credo Technology Group (NASDAQ:CRDO) Shares Down 3.2% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) dropped 3.2% during mid-day trading on Friday . The company traded as low as $123.59 and last traded at $125.28. Approximately 6,627,470 shares traded hands during trading, an increase of 8% from the average daily volume of 6,152,461 shares. The stock had previously closed at $129.47.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CRDO. Wolfe Research set a $240.00 price target on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. Barclays reiterated an “overweight” rating and set a $260.00 target price on shares of Credo Technology Group in a report on Thursday, January 15th. Mizuho increased their price target on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, December 2nd. Finally, New Street Research set a $240.00 price target on Credo Technology Group in a research report on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $216.54.

Credo Technology Group Stock Performance

The company has a 50-day simple moving average of $150.66 and a two-hundred day simple moving average of $141.38. The stock has a market cap of $22.63 billion, a price-to-earnings ratio of 109.90 and a beta of 2.66.

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

Insider Activity

In other Credo Technology Group news, COO Yat Tung Lam sold 370,000 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total value of $56,680,300.00. Following the transaction, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at $61,276,000. This represents a 48.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.16, for a total transaction of $7,658,000.00. Following the completion of the sale, the chief executive officer directly owned 1,892,502 shares of the company’s stock, valued at approximately $289,855,606.32. The trade was a 2.57% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 822,460 shares of company stock valued at $124,493,784. 11.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. California Public Employees Retirement System raised its stake in Credo Technology Group by 17.2% during the second quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock worth $23,848,000 after buying an additional 37,772 shares during the last quarter. Estate Counselors LLC acquired a new stake in Credo Technology Group during the 3rd quarter worth about $2,548,000. Global Trust Asset Management LLC bought a new position in shares of Credo Technology Group in the 3rd quarter worth about $2,167,000. EFG Asset Management North America Corp. lifted its stake in shares of Credo Technology Group by 76.5% in the 3rd quarter. EFG Asset Management North America Corp. now owns 21,976 shares of the company’s stock valued at $3,200,000 after purchasing an additional 9,527 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al boosted its position in shares of Credo Technology Group by 34.6% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 28,400 shares of the company’s stock valued at $4,135,000 after purchasing an additional 7,300 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

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.