Credo Technology Group (NASDAQ:CRDO) Stock Price Down 1.4% – What’s Next?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares dropped 1.4% during mid-day trading on Friday . The company traded as low as $131.14 and last traded at $133.16. Approximately 4,333,133 shares changed hands during trading, a decline of 32% from the average daily volume of 6,411,136 shares. The stock had previously closed at $135.10.

Analysts Set New Price Targets

CRDO has been the subject of a number of research reports. Wolfe Research set a $240.00 price objective on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Roth Mkm upped their price target on shares of Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. TD Cowen reissued a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 target price on Credo Technology Group in a report on Wednesday, October 1st. Finally, JPMorgan Chase & Co. initiated coverage on Credo Technology Group in a report on Friday, October 17th. They issued an “overweight” rating and a $165.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $216.54.

Credo Technology Group Trading Down 1.4%

The stock has a 50-day moving average price of $151.57 and a two-hundred day moving average price of $140.80. The stock has a market cap of $24.05 billion, a price-to-earnings ratio of 116.81 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, December 1st. The company reported $0.67 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 company had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. During the same period last year, the business posted $0.07 earnings per share. The firm’s revenue was up 272.1% compared to the same quarter last year. Research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 30,000 shares of the company’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $155.47, for a total value of $4,664,100.00. Following the transaction, the chief technology officer directly owned 6,357,370 shares of the company’s stock, valued at $988,380,313.90. This represents a 0.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel W. Fleming sold 3,902 shares of the company’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $140.15, for a total value of $546,865.30. Following the completion of the transaction, the chief financial officer directly owned 446,178 shares in the company, valued at approximately $62,531,846.70. The trade was a 0.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 995,476 shares of company stock worth $154,189,463 in the last 90 days. 11.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of CRDO. Vanguard Group Inc. raised its holdings in shares of Credo Technology Group by 0.9% during the third quarter. Vanguard Group Inc. now owns 16,525,380 shares of the company’s stock worth $2,406,261,000 after purchasing an additional 150,012 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after acquiring an additional 1,190,522 shares during the period. Geode Capital Management LLC raised its position in Credo Technology Group by 4.7% during the second quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock valued at $334,740,000 after acquiring an additional 163,305 shares in the last quarter. Alliancebernstein L.P. grew its stake 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, Bank of America Corp DE increased its holdings in shares of Credo Technology Group by 161.5% during the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.