Credo Technology Group (NASDAQ:CRDO) Stock Price Down 5.1% – What’s Next?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) were down 5.1% on Friday . The stock traded as low as $123.43 and last traded at $124.06. Approximately 5,159,428 shares changed hands during trading, a decline of 25% from the average daily volume of 6,834,221 shares. The stock had previously closed at $130.66.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Barclays restated an “overweight” rating and issued a $260.00 target price on shares of Credo Technology Group in a research note on Thursday, January 15th. Wolfe Research set a $240.00 price objective on Credo Technology Group in a research note on Tuesday, December 2nd. Roth Mkm reduced their target price on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Finally, Bank of America upped their price target on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus price target of $209.29.

Credo Technology Group Price Performance

The company has a fifty day moving average price of $135.98 and a 200 day moving average price of $143.49. The company has a market capitalization of $22.41 billion, a P/E ratio of 108.83 and a beta of 2.65.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.18. The business had revenue of $268.03 million for 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 business’s revenue was up 272.1% on a year-over-year basis. During the same quarter last year, the business posted $0.07 EPS. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $174.70, for a total value of $9,608,500.00. Following the sale, the chief technology officer directly owned 6,613,961 shares in the company, valued at $1,155,458,986.70. This trade represents a 0.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Yat Tung Lam sold 370,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.19, for a total transaction 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. The trade was a 48.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 917,976 shares of company stock valued at $136,567,647. 11.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in CRDO. Vanguard Group Inc. grew its holdings in Credo Technology Group by 0.4% in the 4th 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. JPMorgan Chase & Co. boosted its position in Credo Technology Group by 18.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after acquiring an additional 1,190,522 shares during the period. State Street Corp grew its stake in shares of Credo Technology Group by 23.4% in the fourth quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after purchasing an additional 849,654 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Credo Technology Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after purchasing an additional 184,676 shares during the period. Finally, Corient Private Wealth LLC raised its stake in shares of Credo Technology Group by 239,024.5% during the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after purchasing an additional 3,597,318 shares in the last quarter. 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.