Credo Technology Group (NASDAQ:CRDO) Stock Price Down 3.2% After Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s stock price traded down 3.2% during trading on Friday following insider selling activity. The stock traded as low as $36.16 and last traded at $36.52. 2,408,216 shares were traded during mid-day trading, a decline of 31% from the average session volume of 3,502,990 shares. The stock had previously closed at $37.72.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of the 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 sale, the chief technology officer now directly owns 7,828,602 shares of the company's stock, valued at approximately $291,928,568.58. This represents a 0.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider James Laufman sold 8,000 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $39.09, for a total value of $312,720.00. Following the sale, 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 the business's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $40.75, for a total transaction of $154,442.50. Following the completion of the sale, the chief financial officer now directly owns 608,602 shares in the company, valued at $24,800,531.50. The trade was a 0.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

Several analysts recently issued reports on CRDO shares. Bank of America decreased their target price 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. Mizuho lowered their target price 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. The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, January 10th. Needham & Company LLC reissued a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Credo Technology Group has an average rating of "Buy" and an average target price of $71.50.

Credo Technology Group Stock Performance

The stock has a market capitalization of $6.29 billion, a price-to-earnings ratio of -246.80 and a beta of 2.30. The business has a 50-day moving average of $47.85 and a 200-day moving average of $54.85.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC lifted its stake in Credo Technology Group by 8.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock worth $225,000 after purchasing an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in Credo Technology Group by 51.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after acquiring an additional 348 shares in the last quarter. GAMMA Investing LLC grew its position in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock valued at $65,000 after acquiring an additional 351 shares in the last quarter. Amalgamated Bank increased its stake in Credo Technology Group by 9.4% during the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company's stock worth $321,000 after purchasing an additional 411 shares during the period. Finally, Arizona State Retirement System lifted its position in shares of Credo Technology Group by 1.2% during the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company's stock worth $2,751,000 after purchasing an additional 501 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other 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.