Credo Technology Group (NASDAQ:CRDO) Stock Price Down 3.1% – Time to Sell?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price dropped 3.1% during mid-day trading on Friday . The company traded as low as $228.60 and last traded at $232.75. Approximately 3,378,702 shares changed hands during trading, a decline of 53% from the average session volume of 7,212,031 shares. The stock had previously closed at $240.24.

Analysts Set New Price Targets

CRDO has been the subject of a number of recent research reports. Evercore initiated coverage on shares of Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price objective for the company. Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Wall Street Zen lowered shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Bank of America boosted their price target on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Finally, Stifel Nicolaus upped their price target on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $268.39.

Credo Technology Group Price Performance

The stock has a market capitalization of $43.40 billion, a P/E ratio of 93.85, a price-to-earnings-growth ratio of 1.04 and a beta of 3.23. The company’s 50-day simple moving average is $239.42 and its 200-day simple moving average is $186.56.

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

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total value of $6,684,150.00. Following the transaction, the chief technology officer owned 5,882,370 shares of the company’s stock, valued at approximately $1,429,768,852.20. This represents a 0.47% decrease in their ownership of the stock. The transaction 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, CEO William Joseph Brennan sold 54,984 shares of Credo Technology Group stock in a transaction on Friday, June 5th. The stock was sold at an average price of $218.57, for a total value of $12,017,852.88. Following the sale, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at $80,286,662.39. This represents a 13.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 435,076 shares of company stock valued at $101,043,506 in the last 90 days. Insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in the business. Reflection Asset Management acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at about $25,000. Acumen Wealth Advisors LLC bought a new stake in shares of Credo Technology Group in the 4th quarter valued at $25,000. Orion Capital Management LLC bought a new position in Credo Technology Group during the second quarter worth $27,000. AlphaCentric Advisors LLC acquired a new position in Credo Technology Group in the first quarter valued at $33,000. Finally, Van ECK Associates Corp acquired a new stake in Credo Technology Group during the 4th quarter worth about $37,000. 80.46% of the stock is owned by institutional investors.

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.