Credo Technology Group (NASDAQ:CRDO) Stock Price Down 7.4% on Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO) fell 7.4% on Monday following insider selling activity. The company traded as low as $33.86 and last traded at $33.92. 1,162,786 shares traded hands during trading, a decline of 79% from the average session volume of 5,596,078 shares. The stock had previously closed at $36.63.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $37.29, for a total value of $2,050,950.00. Following the completion of the transaction, the chief technology officer now owns 7,828,602 shares in the company, valued at $291,928,568.58. This represents a 0.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James Laufman sold 8,000 shares of the business’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $39.09, for a total transaction of $312,720.00. Following the completion of the transaction, the insider now directly owns 271,725 shares in the company, valued at $10,621,730.25. This trade represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $40.75, for a total value of $154,442.50. Following the sale, the chief financial officer now owns 608,602 shares of the company’s stock, valued at approximately $24,800,531.50. The trade was a 0.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analyst Weigh In

Several research firms recently commented on CRDO. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Bank of America lowered their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Barclays lifted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Mizuho reduced their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, April 3rd. Finally, The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $73.50.

Credo Technology Group Stock Down 7.5 %

The company has a 50-day moving average of $48.58 and a 200 day moving average of $54.83. The firm has a market capitalization of $5.75 billion, a PE ratio of -225.93 and a beta of 2.30.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Proficio Capital Partners LLC purchased a new position in Credo Technology Group in the 4th quarter worth approximately $700,000. Pacer Advisors Inc. lifted its holdings in shares of Credo Technology Group by 30.2% during the 4th quarter. Pacer Advisors Inc. now owns 3,906 shares of the company’s stock worth $263,000 after acquiring an additional 907 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Credo Technology Group by 3.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company’s stock worth $79,289,000 after acquiring an additional 43,169 shares in the last quarter. Principal Financial Group Inc. increased its stake in Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after acquiring an additional 368,518 shares during the last quarter. Finally, Vontobel Holding Ltd. raised its position in Credo Technology Group by 3.4% during the fourth quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company’s stock valued at $1,316,000 after purchasing an additional 635 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.