Credo Technology Group (NASDAQ:CRDO) Shares Down 1.7% – Here’s Why

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price was down 1.7% during mid-day trading on Tuesday . The company traded as low as $167.22 and last traded at $167.75. Approximately 10,173,005 shares changed hands during mid-day trading, an increase of 37% from the average daily volume of 7,410,676 shares. The stock had previously closed at $170.57.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CRDO. JPMorgan Chase & Co. decreased their price objective on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a research note on Wednesday, September 2nd. Wall Street Zen cut shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, June 22nd. Susquehanna increased their price objective on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Finally, Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and a consensus target price of $267.39.

Credo Technology Group Stock Down 1.7%

The stock has a market capitalization of $31.53 billion, a PE ratio of 59.70, a PEG ratio of 0.68 and a beta of 3.22. The firm’s fifty day moving average is $228.81 and its 200-day moving average is $189.80.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The business had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $473.30 million. During the same period in the prior year, the company posted $0.52 EPS. The business’s revenue for the quarter was up 114.7% on a year-over-year basis. On average, analysts expect that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Cheng sold 27,473 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the sale, the chief technology officer owned 5,772,397 shares of the company’s stock, valued at $1,209,490,343.41. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group 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 sale, the chief financial officer owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. This trade represents a 1.48% decrease in their ownership of the stock. 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. In the last 90 days, insiders have sold 376,784 shares of company stock worth $88,299,791. 9.06% of the stock is owned by insiders.

Institutional Trading of Credo Technology Group

Several institutional investors have recently made changes to their positions in CRDO. Corient Private Wealth LP raised its stake in shares of Credo Technology Group by 151.7% in the 2nd quarter. Corient Private Wealth LP now owns 6,604 shares of the company’s stock valued at $1,796,000 after acquiring an additional 3,980 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Credo Technology Group in the 2nd quarter valued at $12,728,000. California State Teachers Retirement System increased its holdings in Credo Technology Group by 28,062.9% in the 2nd quarter. California State Teachers Retirement System now owns 67,840,375 shares of the company’s stock valued at $18,449,190,000 after purchasing an additional 67,599,489 shares in the last quarter. Greenland Capital Management LP purchased a new position in Credo Technology Group in the second quarter valued at about $415,000. Finally, Ameritas Advisory Services LLC acquired a new position in shares of Credo Technology Group during the second quarter worth about $210,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.