Credo Technology Group (NASDAQ:CRDO) Stock Price Down 7% After Insider Selling

Credo Technology Group Holding Ltd (NASDAQ:CRDO) traded down 7% during trading on Monday following insider selling activity. The stock traded as low as $68.33 and last traded at $69.04. 1,844,408 shares were traded during trading, a decline of 23% from the average session volume of 2,388,127 shares. The stock had previously closed at $74.23.

Specifically, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the transaction, the chief executive officer now owns 2,370,858 shares in the company, valued at $160,388,543.70. This represents a 5.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 3,799 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $70.73, for a total value of $268,703.27. Following the transaction, the director now owns 1,709,926 shares in the company, valued at approximately $120,943,065.98. This trade represents a 0.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CFO Daniel W. Fleming sold 12,504 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $48.48, for a total transaction of $606,193.92. Following the transaction, the chief financial officer now owns 656,456 shares of the company’s stock, valued at approximately $31,824,986.88. This represents a 1.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. Roth Mkm upped their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. TD Cowen upped their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Barclays raised their price target on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Credo Technology Group presently has an average rating of “Buy” and a consensus price target of $67.33.

Credo Technology Group Price Performance

The stock has a market capitalization of $11.08 billion, a price-to-earnings ratio of -441.73 and a beta of 2.26. The firm has a 50 day simple moving average of $44.29 and a 200-day simple moving average of $34.49.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in the company. Swedbank AB grew its holdings in shares of Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. Point72 Asset Management L.P. grew its holdings in Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. FMR LLC increased its position in Credo Technology Group by 731.6% in the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after acquiring an additional 1,013,789 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after acquiring an additional 705,512 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after purchasing an additional 368,518 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.