Insider Selling: Credo Technology Group (NASDAQ:CRDO) Insider Sells $1,025,000.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) insider James Laufman sold 5,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $205.00, for a total transaction of $1,025,000.00. Following the completion of the transaction, the insider directly owned 164,223 shares of the company’s stock, valued at $33,665,715. The trade was a 2.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

James Laufman also recently made the following trade(s):

• On Monday, September 21st, James Laufman sold 5,000 shares of Credo Technology Group stock. The stock was sold at an average price of $185.00, for a total transaction of $925,000.00.

Credo Technology Group Trading Down 0.4%

Shares of Credo Technology Group stock opened at $220.01 on Thursday. The firm’s 50 day simple moving average is $208.72 and its two-hundred day simple moving average is $200.98. The firm has a market capitalization of $41.35 billion, a price-to-earnings ratio of 78.30, a PEG ratio of 0.88 and a beta of 3.25. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.17 by $0.03. The business had revenue of $479.00 million during the quarter, compared to the consensus estimate of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The business’s revenue for the quarter was up 114.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 earnings per share. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on CRDO shares. Bank of America lowered their price target on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating for the company in a research report on Wednesday, September 2nd. Rosenblatt Securities increased their price objective on Credo Technology Group from $215.00 to $235.00 and gave the company a “neutral” rating in a report on Wednesday, September 2nd. Evercore set a $292.00 target price on Credo Technology Group in a report on Wednesday, September 2nd. Stifel Nicolaus decreased their target price on Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a report on Monday. Finally, Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $262.67.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently modified their holdings of the stock. Reflection Asset Management purchased a new stake in shares of Credo Technology Group in the fourth quarter worth about $25,000. Orion Capital Management LLC acquired a new stake in Credo Technology Group during the second quarter worth about $27,000. AlphaCentric Advisors LLC purchased a new position in Credo Technology Group during the first quarter valued at approximately $33,000. Burkett Financial Services LLC purchased a new position in Credo Technology Group during the third quarter valued at approximately $33,000. Finally, Western Wealth Management LLC acquired a new position in Credo Technology Group in the first quarter valued at approximately $38,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.