Credo Technology Group (NASDAQ:CRDO) Shares Down 4.3% After Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO) was down 4.3% on Wednesday after an insider sold shares in the company. The company traded as low as $36.30 and last traded at $37.49. Approximately 588,722 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 3,486,956 shares. The stock had previously closed at $39.18.

Specifically, insider James Laufman sold 8,000 shares of the company’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $39.09, for a total value of $312,720.00. Following the transaction, the insider now directly owns 271,725 shares in the company, valued at approximately $10,621,730.25. This represents a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $40.75, for a total transaction of $154,442.50. Following the completion of the sale, the chief financial officer now owns 608,602 shares of the company’s stock, valued at $24,800,531.50. This trade represents a 0.62 % decrease in their position. The disclosure for this sale can be found here. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Thursday, April 10th. The shares were sold at an average price of $38.78, for a total transaction of $2,132,900.00. Following the transaction, the chief technology officer now owns 7,883,602 shares in the company, valued at $305,726,085.56. This represents a 0.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CRDO shares. Mizuho dropped their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Thursday, April 3rd. Bank of America dropped their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Finally, Barclays increased their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Credo Technology Group has a consensus rating of “Buy” and a consensus target price of $73.50.

Credo Technology Group Stock Down 3.2 %

The company has a 50 day simple moving average of $49.32 and a 200 day simple moving average of $54.45. The stock has a market cap of $6.20 billion, a price-to-earnings ratio of -243.47 and a beta of 2.30.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Credo Technology Group during the fourth quarter worth $117,242,000. Alliancebernstein L.P. boosted its holdings in shares of Credo Technology Group by 299.9% during the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after acquiring an additional 1,305,594 shares in the last quarter. Polar Capital Holdings Plc grew its position in Credo Technology Group by 382.1% during the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock worth $97,527,000 after acquiring an additional 1,150,084 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after purchasing an additional 909,578 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Credo Technology Group by 441.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock valued at $65,594,000 after purchasing an additional 795,751 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

About Credo Technology Group

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.