Credo Technology Group (NASDAQ:CRDO) Stock Price Down 4.2% After Insider Selling

Key Points

• Insider selling by CEO William J. Brennan (68,016 shares for about $8.685M total) and director Pantas Sutardja (1,875 shares for ~$241K) coincided with the stock falling about 4.2% to $119.96 on Monday.
• Wall Street remains largely bullish on CRDO, with an average analyst target of $216.54 and several firms raising targets recently (Needham $220, Mizuho $225, Roth MKM $250).
• Credo reported a strong quarter (EPS $0.67 vs. $0.49 expected; revenue up 272% year‑over‑year); the shares trade at a market cap of $21.67B, a P/E of 105.23, and about 80% institutional ownership.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) shares were down 4.2% on Monday following insider selling activity. The stock traded as low as $118.53 and last traded at $119.96. Approximately 5,440,582 shares changed hands during trading, a decline of 11% from the average daily volume of 6,087,099 shares. The stock had previously closed at $125.28.

Specifically, Director Pantas Sutardja sold 1,875 shares of the company's stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $128.67, for a total value of $241,256.25. Following the transaction, the director directly owned 5,892,034 shares of the company's stock, valued at $758,128,014.78. This represents a 0.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $127.69, for a total value of $6,384,500.00. Following the sale, the chief executive officer owned 1,832,502 shares of the company's stock, valued at approximately $233,992,180.38. This represents a 2.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In related news, CEO William Joseph Brennan sold 18,016 shares of the stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $127.69, for a total value of $2,300,463.04. Following the transaction, the chief executive officer owned 252,625 shares in the company, valued at approximately $32,257,686.25. This represents a 6.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Wall Street Analyst Weigh In

CRDO has been the subject of several recent research reports. Needham & Company LLC boosted their target price on shares of Credo Technology Group from $190.00 to $220.00 and gave the stock a "buy" rating in a research report on Tuesday, December 2nd. 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 objective for the company. Mizuho increased their target price on shares of Credo Technology Group from $165.00 to $225.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 2nd. Roth Mkm boosted their price target on Credo Technology Group from $170.00 to $250.00 and gave the stock a "buy" rating in a research report on Tuesday, December 2nd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Credo Technology Group in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group has an average rating of "Buy" and a consensus target price of $216.54.

Credo Technology Group Trading Down 4.2%

The firm has a 50-day moving average of $150.50 and a two-hundred day moving average of $142.12. The firm has a market cap of $21.67 billion, a price-to-earnings ratio of 105.23 and a beta of 2.65.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. During the same quarter last year, the firm posted $0.07 EPS. The company's revenue was up 272.1% on a year-over-year basis. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its holdings in shares of Credo Technology Group by 36.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company's stock worth $602,662,000 after purchasing an additional 1,739,844 shares during the period. Bank of America Corp DE increased its stake in Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock valued at $331,710,000 after acquiring an additional 1,406,752 shares during the period. Rafferty Asset Management LLC acquired a new position in Credo Technology Group in the 3rd quarter valued at approximately $183,553,000. Alliancebernstein L.P. lifted its position in shares of Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the period. Finally, Marshall Wace LLP lifted its position in Credo Technology Group by 2,537.7% in the third quarter. Marshall Wace LLP now owns 1,150,000 shares of the company's stock worth $167,452,000 after purchasing an additional 1,106,401 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

About Credo Technology Group

Credo Technology Group, Inc NASDAQ: CRDO is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo's product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.

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