Credo Technology Group (NASDAQ:CRDO) Trading Down 4.3% Following Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s share price was down 4.3% during trading 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 that occurred on 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 owns 271,725 shares in the company, valued at approximately $10,621,730.25. This represents a 2.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the business'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 transaction, the chief financial officer now owns 608,602 shares in the company, valued at approximately $24,800,531.50. This represents a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $38.78, for a total transaction of $2,132,900.00. Following the completion of the sale, the chief technology officer now directly owns 7,883,602 shares of the company's stock, valued at $305,726,085.56. This trade represents a 0.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of recent analyst reports. Mizuho dropped their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. The Goldman Sachs Group boosted 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 report on Friday, January 10th. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Barclays increased their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Finally, Bank of America cut their price target 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. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and an average price target of $73.50.

Credo Technology Group Price Performance

The business's 50 day simple moving average is $48.58 and its 200 day simple moving average is $54.50. The stock has a market cap 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

Institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Credo Technology Group during the 4th quarter worth about $117,242,000. Alliancebernstein L.P. grew its stake in Credo Technology Group by 299.9% in the fourth 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 during the period. Polar Capital Holdings Plc increased its position in shares of Credo Technology Group by 382.1% during the fourth 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 in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after purchasing an additional 909,578 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Credo Technology Group by 441.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock worth $65,594,000 after acquiring an additional 795,751 shares during the last quarter. 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.