Credo Technology Group (NASDAQ:CRDO) Stock Price Down 2.6% on Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price was down 2.6% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $36.41 and last traded at $36.76. Approximately 485,497 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 3,489,561 shares. The stock had previously closed at $37.72.

Specifically, insider James Laufman sold 8,000 shares of Credo Technology Group stock in a transaction on Monday, April 14th. The shares were sold at an average price of $39.09, for a total transaction of $312,720.00. Following the transaction, the insider now owns 271,725 shares in the company, valued at $10,621,730.25. This trade represents a 2.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the company’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $40.75, for a total value of $154,442.50. Following the completion of the sale, the chief financial officer now owns 608,602 shares of the company’s stock, valued at $24,800,531.50. This trade represents a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $38.78, for a total transaction of $2,132,900.00. Following the completion of the sale, the chief technology officer now owns 7,883,602 shares of the company’s stock, valued at approximately $305,726,085.56. The trade was a 0.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on CRDO shares. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Mizuho lowered their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a report on Thursday, April 3rd. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. The Goldman Sachs Group lifted their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Finally, Stifel Nicolaus decreased their target price on Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a research report on Thursday. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $73.50.

Credo Technology Group Price Performance

The stock’s fifty day moving average price is $48.58 and its 200 day moving average price is $54.50. The stock has a market capitalization of $6.20 billion, a P/E ratio of -243.47 and a beta of 2.30.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in CRDO. Norges Bank purchased a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $117,242,000. Alliancebernstein L.P. lifted its holdings in shares of Credo Technology Group by 299.9% in the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock worth $117,011,000 after buying an additional 1,305,594 shares during the period. Polar Capital Holdings Plc grew its position in shares of Credo Technology Group by 382.1% during the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock worth $97,527,000 after buying an additional 1,150,084 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Credo Technology Group by 441.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock valued at $65,594,000 after acquiring an additional 795,751 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.