Credo Technology Group (NASDAQ:CRDO) Stock: Insider William Joseph Brennan Sells 16,666 Shares

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CEO William Brennan sold 16,666 shares of Credo Technology Group stock in a transaction on Monday, October 19th. The shares were sold at an average price of $174.87, for a total transaction of $2,914,383.42. Following the completion of the transaction, the chief executive officer owned 1,584,164 shares in the company, valued at approximately $277,022,758.68. This trade represents a 1.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

William Joseph Brennan also recently made the following trade(s):

• On Monday, September 14th, William Brennan sold 16,672 shares of Credo Technology Group stock. The stock was sold at an average price of $151.88, for a total value of $2,532,143.36.

Credo Technology Group Stock Up 6.3%

Shares of CRDO stock traded up $10.77 on Wednesday, reaching $182.28. 7,173,577 shares of the stock were exchanged, compared to its average volume of 7,585,250. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67. The stock has a market cap of $34.26 billion, a P/E ratio of 64.87, a price-to-earnings-growth ratio of 0.69 and a beta of 3.25. The firm has a 50 day moving average of $201.57 and a two-hundred day moving average of $206.74.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Bank of America Corp DE increased its position in Credo Technology Group by 13.7% in the 2nd quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock valued at $593,603,000 after acquiring an additional 262,479 shares during the period. Atreides Management LP raised its stake in Credo Technology Group by 3.5% during the 2nd quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock valued at $307,109,000 after acquiring an additional 38,052 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Credo Technology Group by 192.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock worth $98,290,000 after acquiring an additional 688,596 shares during the period. H&H International Investment LLC boosted its position in Credo Technology Group by 431.6% during the 1st quarter. H&H International Investment LLC now owns 751,200 shares of the company’s stock worth $70,515,000 after acquiring an additional 609,900 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Credo Technology Group by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 703,122 shares of the company’s stock worth $65,949,000 after acquiring an additional 3,501 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Rosenblatt Securities restated a “neutral” rating and set a $235.00 target price on shares of Credo Technology Group in a report on Thursday, October 15th. Evercore set a $292.00 price objective on Credo Technology Group in a research note on Wednesday, September 2nd. Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Susquehanna increased their price objective on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Finally, Wall Street Zen lowered shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $262.67.

About Credo Technology Group

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.