Credo Technology Group (NASDAQ:CRDO) COO Yat Tung Lam Sells 50,000 Shares of Company Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) COO Yat Lam sold 50,000 shares of the company’s stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $206.30, for a total transaction of $10,315,000.00. Following the transaction, the chief operating officer directly owned 2,479,169 shares of the company’s stock, valued at approximately $511,452,564.70. This represents a 1.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Yat Tung Lam also recently made the following trade(s):

• On Friday, July 31st, Yat Lam sold 50,000 shares of Credo Technology Group stock. The stock was sold at an average price of $213.33, for a total transaction of $10,666,500.00.
• On Friday, July 31st, Yat Lam sold 55,441 shares of Credo Technology Group stock. The stock was sold at an average price of $213.02, for a total transaction of $11,810,041.82.

Credo Technology Group Stock Performance

Credo Technology Group stock traded down $0.32 during trading on Tuesday, reaching $192.35. The company had a trading volume of 6,656,512 shares, compared to its average volume of 7,513,917. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The stock’s 50 day moving average price is $208.93 and its two-hundred day moving average price is $196.09. The firm has a market capitalization of $36.15 billion, a price-to-earnings ratio of 68.45, a PEG ratio of 0.84 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The company had revenue of $479.00 million for the quarter, compared to the consensus estimate of $473.30 million. During the same quarter last year, the firm posted $0.52 earnings per share. Credo Technology Group’s revenue was up 114.7% on a year-over-year basis. As a group, research analysts expect that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CRDO shares. Stifel Nicolaus lifted their target price on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a report on Monday, June 22nd. Jefferies Financial Group raised their price objective on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. JPMorgan Chase & Co. reduced their price objective on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 2nd. The Goldman Sachs Group reiterated a “buy” rating and set a $250.00 target price on shares of Credo Technology Group in a report on Tuesday, June 2nd. Finally, Susquehanna increased their target price on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and an average price target of $264.89.

Institutional Trading of Credo Technology Group

Institutional investors have recently added to or reduced their stakes in the business. QRG Capital Management Inc. lifted its stake in shares of Credo Technology Group by 20.8% during the second quarter. QRG Capital Management Inc. now owns 6,527 shares of the company’s stock worth $1,774,000 after purchasing an additional 1,125 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Credo Technology Group in the second quarter valued at about $548,000. Envestnet Asset Management Inc. grew its stake in shares of Credo Technology Group by 14.6% in the second quarter. Envestnet Asset Management Inc. now owns 174,376 shares of the company’s stock valued at $47,421,000 after buying an additional 22,181 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Credo Technology Group by 19.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,659 shares of the company’s stock valued at $1,811,000 after buying an additional 1,063 shares during the period. Finally, IPG Investment Advisors LLC purchased a new stake in shares of Credo Technology Group during the 2nd quarter valued at about $3,078,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.

The company’s product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.