Credo Technology Group (NASDAQ:CRDO) Shares Down 3.1% – Here’s What Happened

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares were down 3.1% during trading on Tuesday . The stock traded as low as $111.49 and last traded at $112.33. Approximately 5,648,721 shares were traded during trading, a decline of 22% from the average daily volume of 7,256,755 shares. The stock had previously closed at $115.98.

Analyst Ratings Changes

A number of research firms have issued reports on CRDO. The Goldman Sachs Group set a $165.00 price target on Credo Technology Group and gave the company a “buy” rating in a research report on Thursday, February 19th. KGI Securities raised Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective for the company in a research report on Tuesday, December 2nd. TD Cowen restated a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Rosenblatt Securities decreased their price target on shares of Credo Technology Group from $170.00 to $125.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Finally, Stifel Nicolaus set a $200.00 price target on shares of Credo Technology Group in a report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $206.33.

Credo Technology Group Stock Performance

The firm has a market capitalization of $20.72 billion, a price-to-earnings ratio of 62.41 and a beta of 2.67. The company has a 50-day moving average price of $129.12 and a 200-day moving average price of $143.45.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.29. The business had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The business’s quarterly revenue was up 201.5% on a year-over-year basis. During the same quarter last year, the company earned $0.25 EPS. On average, research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, January 30th. The shares were sold at an average price of $128.67, for a total value of $241,256.25. Following the transaction, the director directly owned 5,892,034 shares of the company’s stock, valued at $758,128,014.78. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $127.37, for a total transaction of $3,502,675.00. Following the sale, the chief technology officer owned 6,299,870 shares in the company, valued at $802,414,441.90. This represents a 0.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 861,101 shares of company stock valued at $126,611,953 in the last quarter. Company insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC lifted its holdings in shares of Credo Technology Group by 128.4% in the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after purchasing an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after buying an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Credo Technology Group by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after buying an additional 7,107 shares during the period. Envestnet Asset Management Inc. increased its position in Credo Technology Group by 17.4% during the second quarter. Envestnet Asset Management Inc. now owns 75,869 shares of the company’s stock worth $7,025,000 after buying an additional 11,233 shares during the period. Finally, Atria Investments Inc purchased a new stake in Credo Technology Group in the second quarter valued at approximately $239,000. Hedge funds and other 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.