Credo Technology Group (NASDAQ:CRDO) Stock Price Down 1.6% After Insider Selling

Key Points

• Credo Technology Group's stock price fell by 1.6% to $169.56 following insider selling, with CEO William Joseph Brennan selling 50,000 shares for over $8 million.
• Recent analyst reports have led to several price target increases for Credo Technology, with some analysts giving it an "outperform" rating and the average target price set at $126.27.
• The company reported a substantial year-over-year revenue increase of 273.6%, posting a revenue of $223.07 million for the quarter, despite missing earnings expectations.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) shares traded down 1.6% on Friday after an insider sold shares in the company. The company traded as low as $167.32 and last traded at $169.56. 12,616,963 shares were traded during mid-day trading, an increase of 139% from the average session volume of 5,283,771 shares. The stock had previously closed at $172.31.

Specifically, CEO William Joseph Brennan sold 50,000 shares of the company's stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $164.11, for a total transaction of $8,205,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,992,502 shares in the company, valued at approximately $326,989,503.22. This represents a 2.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 18,016 shares of the stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $164.11, for a total value of $2,956,605.76. Following the completion of the sale, the chief executive officer owned 369,173 shares of the company's stock, valued at $60,584,981.03. The trade was a 4.65% 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 company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $163.98, for a total transaction of $9,018,900.00. Following the sale, the chief technology officer owned 6,998,961 shares of the company's stock, valued at approximately $1,147,689,624.78. This represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CRDO shares. Mizuho increased their price objective on shares of Credo Technology Group from $135.00 to $155.00 and gave the stock an "outperform" rating in a research report on Thursday, September 4th. TD Cowen raised their price target on shares of Credo Technology Group from $140.00 to $160.00 and gave the company a "buy" rating in a research report on Thursday, September 4th. Wall Street Zen lowered shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research note on Saturday. Susquehanna increased their price objective on shares of Credo Technology Group from $115.00 to $165.00 and gave the company a "positive" rating in a research note on Thursday, September 4th. Finally, Needham & Company LLC raised their price target on shares of Credo Technology Group from $85.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. Two investment analysts have rated the stock with a Strong Buy rating and thirteen have assigned a Buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $126.27.

Credo Technology Group Trading Down 3.2%

The company has a market capitalization of $28.39 billion, a P/E ratio of 253.07 and a beta of 2.59. The business's fifty day moving average price is $124.32 and its 200-day moving average price is $82.22.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The company had revenue of $223.07 million for the quarter, compared to the consensus estimate of $190.63 million. During the same period in the prior year, the firm posted $0.04 earnings per share. The business's revenue was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. As a group, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently added to or reduced their stakes in the business. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in Credo Technology Group in the 2nd quarter worth $27,000. Wolff Wiese Magana LLC increased its position in shares of Credo Technology Group by 200.0% in the second quarter. Wolff Wiese Magana LLC now owns 450 shares of the company's stock valued at $42,000 after acquiring an additional 300 shares during the period. Cullen Frost Bankers Inc. increased its position in shares of Credo Technology Group by 278.4% in the second quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company's stock valued at $44,000 after acquiring an additional 348 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company's stock valued at $46,000 after acquiring an additional 333 shares during the period. Finally, Operose Advisors LLC increased its position in shares of Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after acquiring an additional 252 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

About Credo Technology Group

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.