Credo Technology Group (NASDAQ:CRDO) Trading Down 7.8% – What’s Next?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded down 7.8% during trading on Monday . The stock traded as low as $86.49 and last traded at $87.81. 6,528,959 shares traded hands during mid-day trading, a decline of 9% from the average session volume of 7,175,498 shares. The stock had previously closed at $95.24.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Stifel Nicolaus set a $200.00 target price on shares of Credo Technology Group in a research report on Tuesday, March 3rd. The Goldman Sachs Group set a $165.00 target price on Credo Technology Group and gave the company a “buy” rating in a report on Thursday, February 19th. Wolfe Research set a $240.00 price target on Credo Technology Group in a research report on Tuesday, December 2nd. Finally, Roth Mkm decreased their price target on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $206.33.

Credo Technology Group Trading Up 2.2%

The company’s fifty day moving average is $115.38 and its 200-day moving average is $140.05. The firm has a market capitalization of $17.69 billion, a P/E ratio of 53.29 and a beta of 2.67.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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% compared to the same quarter last year. During the same period last year, the business posted $0.25 EPS. On average, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer owned 1,832,502 shares of the company’s stock, valued at $233,992,180.38. This trade represents a 2.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $136.33, for a total value of $4,089,900.00. Following the completion of the transaction, the chief technology officer directly owned 6,327,370 shares in the company, valued at approximately $862,610,352.10. This represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 398,601 shares of company stock worth $50,891,520 over the last quarter. 11.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted 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 valued at $2,386,449,000 after purchasing an additional 59,849 shares during the period. JPMorgan Chase & Co. raised its position in shares of Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock valued at $1,121,118,000 after buying an additional 1,190,522 shares during the last quarter. State Street Corp raised its position in shares of Credo Technology Group by 23.4% during the fourth quarter. State Street Corp now owns 4,486,320 shares of the company’s stock valued at $645,537,000 after buying an additional 849,654 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Credo Technology Group by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after buying an additional 184,676 shares during the period. Finally, Corient Private Wealth LLC lifted its stake in shares of Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after buying an additional 3,597,318 shares during the period. Institutional investors and hedge funds 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.