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

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped down before the market opened on Thursday following insider selling activity. 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 trading hands.

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 value of $2,737,350.00. Following the transaction, the chief technology officer now owns 8,048,602 shares in the company, 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 SEC, which is available at this link.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CRDO shares. Craig Hallum lifted their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group boosted 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. Bank of America cut their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Stifel Nicolaus upped their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, Barclays lifted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. 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.com, the stock presently has a consensus rating of “Buy” and an average target price of $74.90.

Credo Technology Group Price Performance

The stock has a fifty day simple moving average of $60.57 and a two-hundred day simple moving average of $53.53. The firm has a market capitalization of $6.88 billion, a P/E ratio of -270.07 and a beta of 2.16.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC grew its stake in shares of Credo Technology Group by 8.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after buying an additional 255 shares during the period. CIBC Private Wealth Group LLC increased its holdings in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after acquiring an additional 348 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after purchasing an additional 351 shares in the last quarter. Amalgamated Bank grew its position in Credo Technology Group by 9.4% in the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock valued at $321,000 after purchasing an additional 411 shares during the period. Finally, Advisors Asset Management Inc. increased its stake in Credo Technology Group by 11.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after purchasing an additional 478 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.