Credo Technology Group (NASDAQ:CRDO) Trading Down 1.4% – Here’s What Happened

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) fell 1.4% during trading on Friday . The stock traded as low as $131.14 and last traded at $133.16. 4,333,133 shares changed hands during trading, a decline of 32% from the average session volume of 6,411,136 shares. The stock had previously closed at $135.10.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Needham & Company LLC upped their target price on shares of Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. TD Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. JPMorgan Chase & Co. started coverage on Credo Technology Group in a research note on Friday, October 17th. They set an “overweight” rating and a $165.00 target price on the stock. Finally, Barclays restated an “overweight” rating and issued a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $216.54.

Credo Technology Group Price Performance

The business has a 50-day simple moving average of $151.81 and a 200 day simple moving average of $140.19. The firm has a market cap of $24.05 billion, a PE ratio of 116.81 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The company 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 firm’s revenue was up 272.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.07 EPS. On average, equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, CEO William Joseph Brennan sold 9,476 shares of the firm’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $139.54, for a total transaction of $1,322,281.04. Following the sale, the chief executive officer directly owned 270,641 shares in the company, valued at $37,765,245.14. This trade represents a 3.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel W. Fleming sold 3,902 shares of Credo Technology Group stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $140.15, for a total transaction of $546,865.30. Following the transaction, the chief financial officer owned 446,178 shares in the company, valued at approximately $62,531,846.70. This trade represents a 0.87% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 995,476 shares of company stock valued at $154,189,463. Company insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC grew its position in shares of Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings 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 valued at $61,235,000 after buying an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of 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 valued at $12,480,000 after buying an additional 7,107 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of Credo Technology Group by 850.6% during the second quarter. Farther Finance Advisors LLC now owns 4,135 shares of the company’s stock valued at $383,000 after buying an additional 3,700 shares during the last quarter. Finally, Park Avenue Securities LLC purchased a new position in shares of Credo Technology Group in the second quarter worth $258,000. 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.