Credo Technology Group (NASDAQ:CRDO) Trading Down 3.7% – Here’s What Happened

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) were down 3.7% on Thursday . The stock traded as low as $108.58 and last traded at $111.57. Approximately 5,899,885 shares traded hands during mid-day trading, a decline of 18% from the average daily volume of 7,205,787 shares. The stock had previously closed at $115.91.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRDO. Craig Hallum reaffirmed a “buy” rating and issued a $200.00 price objective on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Mizuho decreased their target price on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, March 3rd. The Goldman Sachs Group set a $165.00 price target on shares of Credo Technology Group and gave the stock a “buy” rating in a report on Thursday, February 19th. 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 research report on Tuesday, December 2nd. Finally, TD Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $206.33.

Credo Technology Group Trading Down 3.7%

The firm’s 50-day moving average price is $127.91 and its 200 day moving average price is $143.24. The company has a market cap of $20.58 billion, a price-to-earnings ratio of 61.98 and a beta of 2.67.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) 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 net margin of 31.81% and a return on equity of 29.63%. Credo Technology Group’s revenue was up 201.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 earnings per share. 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 50,000 shares of the firm’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $127.69, for a total value of $6,384,500.00. Following the completion of the sale, the chief executive officer directly owned 1,832,502 shares in the company, valued at $233,992,180.38. This trade represents a 2.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $150.77, for a total value of $8,292,350.00. Following the transaction, the chief technology officer directly owned 6,503,961 shares in the company, valued at approximately $980,602,199.97. This trade represents a 0.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 423,085 shares of company stock worth $59,514,322 in the last three months. Insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently modified their holdings of 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 worth $284,000 after purchasing an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Credo Technology Group by 63.0% during the first 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 lifted its stake in shares of Credo Technology Group by 2.3% in 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 in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Credo Technology Group by 17.4% during the second quarter. Envestnet Asset Management Inc. now owns 75,869 shares of the company’s stock valued at $7,025,000 after buying an additional 11,233 shares during the last quarter. Finally, Atria Investments Inc acquired a new position in shares of Credo Technology Group during the second quarter valued at about $239,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

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.