Credo Technology Group (NASDAQ:CRDO) Trading Down 4% – Should You Sell?

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) were down 4% during trading on Monday . The stock traded as low as $239.78 and last traded at $239.94. Approximately 4,268,419 shares were traded during trading, a decline of 43% from the average daily volume of 7,505,466 shares. The stock had previously closed at $249.89.

Wall Street Analyst Weigh In

Several research firms have issued reports on CRDO. JPMorgan Chase & Co. lifted their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 2nd. Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, June 22nd. Mizuho upped their price target on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Rosenblatt Securities increased their price objective on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Finally, The Goldman Sachs Group restated a “buy” rating and set a $250.00 price objective on shares of Credo Technology Group in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $266.17.

Credo Technology Group Price Performance

The company has a market capitalization of $44.74 billion, a P/E ratio of 96.75, a PEG ratio of 1.14 and a beta of 3.23. The stock’s fifty day simple moving average is $237.43 and its 200-day simple moving average is $174.71.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. The firm had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The company’s revenue for the quarter was up 157.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.20 EPS. On average, research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the sale, the chief financial officer owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. This represents a 1.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Tung Lam sold 55,441 shares of Credo Technology Group stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $213.02, for a total value of $11,810,041.82. Following the transaction, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. The trade was a 2.15% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 435,076 shares of company stock worth $101,043,506 over the last ninety days. 11.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Credo Technology Group by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after acquiring an additional 59,849 shares during the period. State Street Corp grew its position in Credo Technology Group by 23.4% during the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after acquiring an additional 849,654 shares during the last quarter. Geode Capital Management LLC increased its holdings in Credo Technology Group by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after purchasing an additional 184,676 shares in the last quarter. Corient Private Wealth LLC raised its position in Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after purchasing an additional 3,597,318 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in 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 buying an additional 1,218,504 shares during the period. Institutional investors own 80.46% of the company’s stock.

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.