Credo Technology Group (NASDAQ:CRDO) Stock Price Down 1.9% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares traded down 1.9% on Friday . The company traded as low as $108.88 and last traded at $112.27. 7,381,784 shares were traded during mid-day trading, an increase of 10% from the average session volume of 6,687,551 shares. The stock had previously closed at $114.48.

Analyst Ratings Changes

A number of research analysts recently commented on CRDO shares. The Goldman Sachs Group set a $165.00 price objective on shares of Credo Technology Group and gave the company a “buy” rating in a research report on Thursday, February 19th. Roth Mkm dropped their price target on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Needham & Company LLC reissued a “buy” rating and set a $220.00 price objective on shares of Credo Technology Group in a research report on Tuesday, February 10th. Barclays reissued an “overweight” rating and issued a $260.00 target price on shares of Credo Technology Group in a research report on Thursday, January 15th. Finally, KGI Securities upgraded shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target on the stock in a report on Tuesday, December 2nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $209.29.

Credo Technology Group Stock Down 1.9%

The stock’s 50-day moving average price is $134.54 and its 200 day moving average price is $143.36. The company has a market cap of $20.28 billion, a P/E ratio of 98.48 and a beta of 2.65.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate 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%.The firm’s revenue was up 272.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.07 EPS. Analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Daniel W. Fleming sold 3,902 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $140.15, for a total transaction of $546,865.30. Following the sale, the chief financial officer owned 446,178 shares of the company’s stock, valued at approximately $62,531,846.70. This trade represents a 0.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sylvia Acevedo sold 2,200 shares of the company’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total value of $350,196.00. Following the completion of the transaction, the director owned 18,545 shares of the company’s stock, valued at $2,951,993.10. The trade was a 10.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 917,976 shares of company stock valued at $136,567,647 in the last quarter. 11.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently bought and sold shares of the business. BDFS Capital LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at about $775,000. Sit Investment Associates Inc. bought a new position in Credo Technology Group during the fourth quarter worth about $1,163,000. Mariner Investment Group LLC acquired a new stake in Credo Technology Group during the fourth quarter valued at approximately $288,000. Pacer Advisors Inc. grew its stake in shares of Credo Technology Group by 79.7% in the 4th quarter. Pacer Advisors Inc. now owns 17,151 shares of the company’s stock valued at $2,468,000 after purchasing an additional 7,605 shares during the period. Finally, Corient Private Wealth LLC raised its holdings 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 buying 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.