Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) shares dropped 6.9% on Tuesday . The stock traded as low as $86.65 and last traded at $86.23. Approximately 1,818,518 shares were traded during trading, a decline of 55% from the average daily volume of 4,074,229 shares. The stock had previously closed at $92.59.
Analyst Ratings Changes
Several equities analysts have recently issued reports on CRDO shares. Mizuho boosted their target price on Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a research note on Thursday. Needham & Company LLC raised their target price on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Barclays set a $85.00 price target on shares of Credo Technology Group and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. Cowen restated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Finally, Stifel Nicolaus lifted their price target on Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Twelve analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $82.45.
Check Out Our Latest Research Report on CRDO
Credo Technology Group Stock Performance
The stock has a market capitalization of $15.82 billion, a P/E ratio of 345.09, a PEG ratio of 1.60 and a beta of 2.57. The firm has a fifty day moving average price of $67.58 and a two-hundred day moving average price of $61.59.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. The company had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. During the same quarter in the prior year, the company earned $0.07 earnings per share. Credo Technology Group's revenue was up 179.6% on a year-over-year basis. On average, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.
Insider Buying and Selling at Credo Technology Group
In other news, CTO Chi Fung Cheng sold 59,641 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $74.96, for a total value of $4,470,689.36. Following the completion of the sale, the chief technology officer directly owned 7,603,961 shares of the company's stock, valued at $569,992,916.56. This represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lip Bu Tan sold 171,473 shares of Credo Technology Group stock in a transaction on Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the transaction, the director owned 613,725 shares in the company, valued at approximately $47,809,177.50. This trade represents a 21.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,141,139 shares of company stock worth $77,632,913 in the last quarter. Corporate insiders own 16.04% of the company's stock.
Institutional Investors Weigh In On Credo Technology Group
A number of institutional investors and hedge funds have recently bought and sold shares of CRDO. Geode Capital Management LLC grew its position in shares of Credo Technology Group by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock worth $222,884,000 after purchasing an additional 138,686 shares in the last quarter. Swedbank AB raised its position in shares of Credo Technology Group by 29.5% during the first quarter. Swedbank AB now owns 3,219,125 shares of the company's stock valued at $129,280,000 after buying an additional 733,811 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Credo Technology Group by 6.1% in the first quarter. Alliancebernstein L.P. now owns 1,846,387 shares of the company's stock worth $74,151,000 after buying an additional 105,405 shares in the last quarter. Norges Bank bought a new position in shares of Credo Technology Group during the fourth quarter worth $117,242,000. Finally, Ameriprise Financial Inc. grew its stake in Credo Technology Group by 49.5% during the fourth quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock valued at $110,482,000 after acquiring an additional 543,940 shares in the last quarter. 80.46% of the stock is owned by institutional investors.
About Credo Technology Group
(
Get Free Report)
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.
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