Credo Technology Group (NASDAQ:CRDO) Stock Price Down 3.6% – Time to Sell?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares were down 3.6% on Friday . The stock traded as low as $144.66 and last traded at $144.83. Approximately 2,710,495 shares changed hands during trading, a decline of 51% from the average daily volume of 5,533,249 shares. The stock had previously closed at $150.19.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Wolfe Research set a $240.00 target price on Credo Technology Group in a research note on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 price objective on shares of Credo Technology Group in a research note on Wednesday, October 1st. KGI Securities upgraded shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 target price for the company in a research note on Tuesday, December 2nd. William Blair started coverage on shares of Credo Technology Group in a research report on Thursday, September 18th. They set an “outperform” rating on the stock. Finally, TD Cowen lifted their price objective on shares of Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus price target of $206.85.

Credo Technology Group Stock Performance

The company has a 50 day simple moving average of $157.37 and a 200 day simple moving average of $131.60. The company has a market capitalization of $26.16 billion, a PE ratio of 127.04 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $234.99 million. During the same period in the prior year, the company earned $0.07 EPS. The firm’s revenue was up 272.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $156.32, for a total transaction of $8,597,600.00. Following the transaction, the chief technology officer owned 6,668,961 shares of the company’s stock, valued at approximately $1,042,491,983.52. The trade was a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Daniel W. Fleming sold 112,580 shares of the company’s stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total value of $15,558,556.00. Following the completion of the sale, the chief financial officer owned 458,678 shares of the company’s stock, valued at approximately $63,389,299.60. The trade was a 19.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,311,246 shares of company stock valued at $199,553,783 in the last ninety days. 11.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. 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 buying an additional 1,739,844 shares during the last quarter. Bank of America Corp DE raised its position in Credo Technology Group by 161.5% in 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 purchasing an additional 1,406,752 shares during the period. Rafferty Asset Management LLC acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at $183,553,000. Alliancebernstein L.P. grew its holdings in shares of Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after purchasing an additional 1,218,504 shares during the period. Finally, Marshall Wace LLP increased its position in shares of Credo Technology Group by 2,537.7% during the 3rd 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 last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

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.