Credo Technology Group (NASDAQ:CRDO) Trading Down 2.6% on Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) was down 2.6% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $36.41 and last traded at $36.76. Approximately 485,497 shares were traded during trading, a decline of 86% from the average daily volume of 3,489,561 shares. The stock had previously closed at $37.72.

Specifically, insider James Laufman sold 8,000 shares of the company's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $39.09, for a total transaction of $312,720.00. Following the transaction, the insider now owns 271,725 shares of the company's stock, 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 filing with the SEC, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the company's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $40.75, for a total value of $154,442.50. Following the sale, the chief financial officer now owns 608,602 shares of the company's stock, valued at approximately $24,800,531.50. This 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 that occurred 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 completion of the sale, the chief technology officer now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Analyst Ratings Changes

A number of research firms have recently commented on CRDO. Mizuho cut their price objective on 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. The Goldman Sachs Group increased their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, January 10th. Stifel Nicolaus lowered their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a research note on Thursday. Barclays upped their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Finally, Needham & Company LLC reissued a "buy" rating and set a $80.00 price target on shares of Credo Technology Group 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $73.50.

Credo Technology Group Stock Performance

The firm's 50-day simple moving average is $48.58 and its 200 day simple moving average is $54.50. The company has a market capitalization of $6.20 billion, a PE ratio of -243.47 and a beta of 2.30.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kestra Investment Management LLC acquired a new stake in Credo Technology Group in the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co acquired a new stake in Credo Technology Group in the fourth quarter worth approximately $43,000. Principal Securities Inc. boosted its holdings in Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after buying an additional 576 shares in the last quarter. Quarry LP bought a new position in shares of Credo Technology Group in the fourth quarter valued at $58,000. Finally, Plato Investment Management Ltd acquired a new stake in Credo Technology Group during the 4th quarter worth about $61,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.