Credo Technology Group (NASDAQ:CRDO) Stock Price Down 4% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded down 4% during trading on Wednesday . The stock traded as low as $217.42 and last traded at $226.74. Approximately 5,556,739 shares changed hands during mid-day trading, a decline of 28% from the average session volume of 7,762,367 shares. The stock had previously closed at $236.18.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CRDO shares. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Mizuho upped their price objective on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research note on Tuesday, June 2nd. Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Jefferies Financial Group raised their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, TD Cowen boosted their target price on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $263.11.

Credo Technology Group Trading Down 4.0%

The firm has a market capitalization of $42.28 billion, a PE ratio of 91.43, a price-to-earnings-growth ratio of 1.08 and a beta of 3.20. The firm has a 50-day moving average of $230.86 and a two-hundred day moving average of $165.90.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.20 earnings per share. Equities research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer owned 504,708 shares in the company, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 3,790 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $258.71, for a total transaction of $980,510.90. Following the sale, the chief technology officer directly owned 140,358 shares of the company’s stock, valued at approximately $36,312,018.18. This trade represents a 2.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 357,162 shares of company stock worth $80,401,646 over the last 90 days. Company insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently made changes to their positions in the business. City Center Advisors LLC boosted its stake in Credo Technology Group by 2.1% during the 2nd quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock valued at $706,000 after purchasing an additional 53 shares during the period. Versant Capital Management Inc increased its stake in shares of Credo Technology Group by 8.0% in the second quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock valued at $205,000 after purchasing an additional 56 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Credo Technology Group by 16.2% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after purchasing an additional 77 shares during the period. QRG Capital Management Inc. raised its holdings in shares of Credo Technology Group by 1.7% during the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock valued at $507,000 after buying an additional 91 shares during the last quarter. Finally, Bank of Nova Scotia raised its holdings in shares of Credo Technology Group by 1.6% during the first quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock valued at $566,000 after buying an additional 92 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.