Credo Technology Group (NASDAQ:CRDO) Shares Gap Down on Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $39.18, but opened at $36.92. Credo Technology Group shares last traded at $37.83, with a volume of 357,500 shares traded.

Specifically, insider James Laufman sold 8,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $39.09, for a total transaction of $312,720.00. Following the transaction, the insider now directly owns 271,725 shares of the company’s stock, valued at approximately $10,621,730.25. This trade represents a 2.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the company’s stock in a transaction on Friday, April 11th. The shares were 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 directly 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 related news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $38.78, for a total value 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 trade represents a 0.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analysts Set New Price Targets

CRDO has been the topic of a number of recent research reports. Stifel Nicolaus reduced their price objective on Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a research note on Thursday. Mizuho decreased their price target on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research note on Thursday, April 3rd. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Finally, Bank of America dropped their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $73.50.

Credo Technology Group Trading Down 3.2 %

The company’s fifty day simple moving average is $49.32 and its 200 day simple moving average is $54.45. The firm has a market capitalization of $6.20 billion, a P/E 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 bought and sold shares of the stock. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group during the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co purchased a new stake in Credo Technology Group in the fourth quarter worth $43,000. Principal Securities Inc. raised its holdings in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares in the last quarter. Quarry LP purchased a new position in Credo Technology Group during the fourth quarter valued at $58,000. Finally, Plato Investment Management Ltd bought a new stake in shares of Credo Technology Group during the 4th quarter valued at $61,000. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Company Profile

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.