Credo Technology Group (NASDAQ:CRDO) Shares Down 4.8% on Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) dropped 4.8% on Tuesday after an insider sold shares in the company. The stock traded as low as $68.18 and last traded at $67.65. Approximately 1,793,617 shares changed hands during trading, a decline of 53% from the average daily volume of 3,851,520 shares. The stock had previously closed at $71.09.

Specifically, CFO Daniel W. Fleming sold 12,498 shares of the business's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $73.57, for a total transaction of $919,477.86. Following the sale, the chief financial officer now directly owns 589,854 shares in the company, valued at approximately $43,395,558.78. The trade was a 2.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $77.35, for a total value of $293,156.50. Following the transaction, the chief financial officer now directly owns 602,352 shares of the company's stock, valued at $46,591,927.20. The trade was a 0.63% decrease in their position. The disclosure for this sale can be found here. In other news, Director Lip Bu Tan sold 75,000 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $75.20, for a total value of $5,640,000.00. Following the sale, the director now directly owns 888,725 shares of the company's stock, valued at approximately $66,832,120. This represents a 7.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. 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. Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Cowen restated a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. 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 report on Wednesday, March 5th. Finally, TD Cowen lifted their price objective on Credo Technology Group from $50.00 to $85.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Eleven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of "Buy" and a consensus target price of $78.60.

Credo Technology Group Stock Up 3.8%

The company has a market capitalization of $12.62 billion, a PE ratio of -495.60 and a beta of 2.42. The firm's 50-day moving average is $52.19 and its 200-day moving average is $58.88.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. The firm had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. The company's revenue was up 179.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.07 earnings per share. As a group, equities research analysts predict that Credo Technology Group Holding Ltd will post 0.13 EPS for the current year.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $117,242,000. Nuveen LLC purchased a new position in Credo Technology Group in the 1st quarter worth $52,636,000. Alliancebernstein L.P. lifted its stake in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after purchasing an additional 1,305,594 shares during the last quarter. Polar Capital Holdings Plc lifted its stake in Credo Technology Group by 382.1% in the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after purchasing an additional 1,150,084 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Credo Technology Group by 441.6% during 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 buying an additional 795,751 shares during the period. 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.