Insider Selling: Credo Technology Group (NASDAQ:CRDO) CFO Sells 7,580 Shares

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CFO Daniel Fleming sold 7,580 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the transaction, the chief financial officer owned 504,708 shares of the company’s stock, valued at $124,097,603.04. This represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credo Technology Group Stock Performance

NASDAQ CRDO traded down $20.85 during trading hours on Monday, reaching $236.94. 6,711,340 shares of the company’s stock were exchanged, compared to its average volume of 7,806,455. The company’s 50-day moving average is $228.75 and its two-hundred day moving average is $164.67. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67. The company has a market capitalization of $44.18 billion, a price-to-earnings ratio of 95.54, a price-to-earnings-growth ratio of 1.18 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the previous year, the firm posted $0.20 earnings per share. The business’s revenue was up 157.0% on a year-over-year basis. Research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC boosted its holdings in Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after buying an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after buying an additional 7,107 shares in the last quarter. CW Advisors LLC bought a new stake in Credo Technology Group during the 2nd quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after buying an additional 333 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Rosenblatt Securities boosted their price objective on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. upped their target price on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 2nd. Mizuho increased their target price on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Bank of America lifted their price target on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Finally, Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $263.11.

Credo Technology Group Company Profile

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.