Credo Technology Group (NASDAQ:CRDO) Shares Down 1.3% After Insider Selling

by · The Markets Daily

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Get Free Report) traded down 1.3% on Monday after an insider sold shares in the company. The stock traded as low as $141.06 and last traded at $142.02. 5,551,678 shares traded hands during mid-day trading, a decline of 0% from the average session volume of 5,561,060 shares. The stock had previously closed at $143.91.

Specifically, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $153.16, for a total value of $7,658,000.00. Following the completion of the sale, the chief executive officer owned 1,892,502 shares in the company, valued at approximately $289,855,606.32. This trade represents a 2.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Joseph Brennan sold 18,016 shares of Credo Technology Group stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $153.16, for a total value of $2,759,330.56. Following the sale, the chief executive officer directly owned 301,891 shares in the company, valued at $46,237,625.56. The trade was a 5.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In related news, COO Yat Tung Lam sold 370,000 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total value of $56,680,300.00. Following the completion of the transaction, the chief operating officer directly owned 400,000 shares in the company, valued at approximately $61,276,000. This represents a 48.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CRDO shares. JPMorgan Chase & Co. began coverage on shares of Credo Technology Group in a report on Friday, October 17th. They issued an “overweight” rating and a $165.00 price target on the stock. Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Cowen reissued a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Barclays lifted their price objective on Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a report on Tuesday, December 2nd. Finally, Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and an average price target of $206.85.

Read Our Latest Stock Analysis on CRDO

Credo Technology Group Stock Down 1.3%

The company’s fifty day moving average price is $156.73 and its two-hundred day moving average price is $127.67. The company has a market cap of $25.65 billion, a price-to-earnings ratio of 124.58 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO – Get Free Report) last released its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. During the same period in the prior year, the company earned $0.07 EPS. Credo Technology Group’s revenue for the quarter was up 272.1% on a year-over-year basis. Research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Credo Technology Group during the first quarter worth approximately $25,000. Atlantic Union Bankshares Corp bought a new position in Credo Technology Group in the 3rd quarter worth approximately $25,000. First Horizon Corp acquired a new position in Credo Technology Group during the 3rd quarter worth $26,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in Credo Technology Group in the 2nd quarter valued at $27,000. Finally, Virtus Advisers LLC acquired a new stake in shares of Credo Technology Group in the 1st quarter valued at $31,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

About Credo Technology Group

(Get Free Report)

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.

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