Credo Technology Group Holding Ltd. (NASDAQ:CRDO) experienced a **1.6% decline** in its share price during midday trading on Friday, following recent insider selling activity. The stock fell to a low of **$167.32** before closing at **$169.56**. Approximately **12,616,963 shares** changed hands, representing a **139% increase** from the average daily trading volume of **5,283,771 shares**.
CEO **William Joseph Brennan** sold **50,000 shares** of Credo Technology Group stock on **September 16, 2023**, at an average price of **$164.11**, totaling **$8,205,500.00**. After this transaction, Brennan retains ownership of **1,992,502 shares**, valued at around **$326,989,503.22**, marking a **2.45% decrease** in his stake. This sale was publicly disclosed in a filing with the **Securities and Exchange Commission (SEC)**.
In a related transaction on the same day, Brennan also sold **18,016 shares** at the same average price of **$164.11**, amounting to **$2,956,605.76**. Following this sale, he directly owns **369,173 shares**, valued at approximately **$60,584,981.03**, reflecting a **4.65% decrease** in his position.
CTO **Chi Fung Cheng** similarly sold **55,000 shares** on **September 15, 2023**, at an average price of **$163.98**, generating a total of **$9,018,900.00**. Cheng continues to own **6,998,961 shares**, valued at approximately **$1,147,689,624.78**, representing a **0.78% decrease** in his ownership.
Analyst Ratings and Market Performance
Analysts have provided mixed guidance on **Credo Technology Group** shares. **Stifel Nicolaus** recently set a price objective of **$155.00** for the stock. Meanwhile, **Barclays** raised its target from **$85.00** to **$165.00**, assigning an “overweight” rating. Similarly, **Susquehanna** increased its price target from **$115.00** to **$165.00** and noted a “positive” rating. **Cowen** reaffirmed a “buy” rating, and **Needham & Company LLC** raised its target from **$85.00** to **$150.00**, maintaining a “buy” stance.
Overall, two analysts rated the stock as a **Strong Buy**, while thirteen issued a **Buy** rating. According to data from **MarketBeat.com**, the consensus rating for Credo Technology Group is “Buy” with an average target price of **$126.27**.
Financial Performance and Institutional Activity
In its most recent quarterly earnings report released on **September 3, 2023**, Credo Technology Group reported earnings of **$0.34** per share, falling short of the consensus estimate of **$0.36** by **$0.02**. The company generated revenue of **$223.07 million**, surpassing analyst expectations of **$190.63 million**. The firm noted a **net margin of 20.85%** and a **return on equity of 19.02%**, with revenue increasing by **273.6%** compared to the same quarter last year.
Institutional investors have actively traded shares of Credo Technology Group recently. **Cetera Investment Advisers** increased its holdings by **45.4%** in the fourth quarter, acquiring an additional **3,732 shares** to reach a total of **11,956 shares** valued at **$804,000**. Similarly, **UBS Asset Management** raised its stake by **24.6%**, owning **303,656 shares** worth **$20,409,000** after purchasing an additional **59,937 shares**.
Overall, approximately **80.46%** of Credo Technology Group’s stock is held by institutional investors and hedge funds.
Credo Technology Group specializes in high-speed connectivity solutions for optical and electrical Ethernet applications across various regions, including the United States, Taiwan, Mainland China, and Hong Kong. Its product offerings include active electrical cables, optical digital signal processors, and integrated circuits, among others.
As the company continues to navigate the ever-evolving technology landscape, these developments will be closely monitored by investors and analysts alike.
