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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $44.95, but opened at $43.47. Credo Technology Group shares last traded at $41.89, with a volume of 1,253,902 shares traded.

Specifically, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00. Following the transaction, the chief technology officer now directly owns 8,048,602 shares of the company’s stock, valued at $400,578,921.54. The trade was a 0.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Ratings Changes

A number of research firms recently commented on CRDO. 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 report on Friday, January 10th. Mizuho boosted their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Craig Hallum boosted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Finally, Stifel Nicolaus lifted their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Nine investment 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, the company has an average rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group Price Performance

The company has a market capitalization of $7.20 billion, a P/E ratio of -282.87 and a beta of 2.16. The company has a fifty day simple moving average of $61.36 and a two-hundred day simple moving average of $53.42.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Point72 Hong Kong Ltd acquired a new position in Credo Technology Group during the third quarter valued at approximately $3,948,000. Wellington Management Group LLP boosted its holdings in shares of Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after buying an additional 705,512 shares during the period. Centiva Capital LP acquired a new position in Credo Technology Group in the 3rd quarter valued at $553,000. Charles Schwab Investment Management Inc. raised its holdings in Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after acquiring an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Credo Technology Group by 94.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after acquiring an additional 118,169 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.