Credo Technology Group (NASDAQ:CRDO) Director Sylvia Acevedo Sells 2,200 Shares of Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Director Sylvia Acevedo sold 2,200 shares of the business’s stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $159.18, for a total value of $350,196.00. Following the transaction, the director owned 18,545 shares in the company, valued at approximately $2,951,993.10. This represents a 10.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Sylvia Acevedo also recently made the following trade(s):

• On Friday, December 5th, Sylvia Acevedo sold 1,875 shares of Credo Technology Group stock. The shares were sold at an average price of $185.17, for a total value of $347,193.75.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $149.12 on Friday. The firm has a market capitalization of $26.94 billion, a PE ratio of 130.81 and a beta of 2.66. The stock’s 50 day moving average price is $153.14 and its 200 day moving average price is $138.29. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm’s quarterly revenue was up 272.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 EPS. On average, analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Credo Technology Group by 0.9% in the third quarter. Vanguard Group Inc. now owns 16,525,380 shares of the company’s stock valued at $2,406,261,000 after buying an additional 150,012 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Credo Technology Group by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after acquiring an additional 1,190,522 shares during the period. Geode Capital Management LLC lifted its position in Credo Technology Group by 4.7% in the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock valued at $334,740,000 after purchasing an additional 163,305 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares during the period. Finally, Bank of America Corp DE grew its position in Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after purchasing an additional 1,406,752 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Susquehanna lifted their price objective on Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a report on Wednesday, October 22nd. Wall Street Zen raised shares of Credo Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. KGI Securities raised shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective for the company in a report on Tuesday, December 2nd. William Blair began coverage on shares of Credo Technology Group in a research note on Thursday, September 18th. They issued an “outperform” rating on the stock. Finally, Wolfe Research set a $240.00 price target on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $220.42.

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.