Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Get Free Report) shares dropped 8.3% on Thursday . The company traded as low as $201.93 and last traded at $207.97. Approximately 7,965,857 shares changed hands during trading, an increase of 3% from the average daily volume of 7,763,922 shares. The stock had previously closed at $226.74.
Wall Street Analyst Weigh In
CRDO has been the subject of several recent research reports. Roth Capital boosted their price target on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Mizuho raised their price objective on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Rosenblatt Securities raised their price objective on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Finally, Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $263.11.
Get Our Latest Stock Analysis on CRDO
Credo Technology Group Trading Down 8.3%
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The company had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same quarter last year, the company posted $0.20 earnings per share. The company’s revenue for the quarter was up 157.0% compared to the same quarter last year. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.
Insider Buying and Selling
In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer owned 501,873 shares of the company’s stock, valued at $125,207,276.04. This trade represents a 7.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Joseph Brennan sold 54,984 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the transaction, the chief executive officer directly owned 367,327 shares in the company, valued at $80,286,662.39. This trade represents a 13.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 329,662 shares of company stock worth $76,068,196 in the last quarter. 11.84% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Crewe Advisors LLC raised its position in shares of Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after buying an additional 106 shares during the last quarter. Reflection Asset Management acquired a new stake in Credo Technology Group during the fourth quarter worth about $25,000. Acumen Wealth Advisors LLC bought a new position in Credo Technology Group during the fourth quarter valued at about $25,000. Flagship Harbor Advisors LLC bought a new position in Credo Technology Group during the fourth quarter valued at about $32,000. Finally, AlphaCentric Advisors LLC acquired a new position in Credo Technology Group in the 1st quarter valued at approximately $33,000. Institutional investors own 80.46% of the company’s stock.
About Credo Technology Group
Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.
Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.
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