Credo Technology Group (NASDAQ:CRDO) COO Sells 55,441 Shares

by · The Cerbat Gem

Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Get Free Report) COO Yat Tung Lam sold 55,441 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $213.02, for a total value of $11,810,041.82. Following the transaction, the chief operating officer directly owned 2,529,169 shares of the company’s stock, valued at approximately $538,763,580.38. This represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 Tung 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.

Credo Technology Group Trading Up 9.0%

NASDAQ:CRDO traded up $19.57 during mid-day trading on Tuesday, hitting $237.92. The stock had a trading volume of 6,932,918 shares, compared to its average volume of 7,597,560. The stock has a 50-day simple moving average of $236.60 and a two-hundred day simple moving average of $172.35. The company has a market capitalization of $44.37 billion, a PE ratio of 95.94, a PEG ratio of 0.95 and a beta of 3.23. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67.

Credo Technology Group (NASDAQ:CRDO – Get Free Report) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping the consensus estimate 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 company had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. During the same quarter in the previous year, the business posted $0.20 EPS. The firm’s revenue was up 157.0% on a year-over-year basis. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on CRDO. Weiss Ratings raised Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. TD Cowen upped their price objective on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. raised their target price on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 2nd. Finally, Rosenblatt Securities boosted their target price on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $266.17.

View Our Latest Report on Credo Technology Group

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently bought and sold shares of CRDO. City Center Advisors LLC lifted its stake in shares of Credo Technology Group by 2.1% in the 2nd quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock worth $706,000 after acquiring an additional 53 shares during the period. Versant Capital Management Inc increased its stake in shares of Credo Technology Group by 8.0% during the second quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock valued at $205,000 after acquiring an additional 56 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in Credo Technology Group by 16.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after purchasing an additional 77 shares in the last quarter. QRG Capital Management Inc. raised its holdings in Credo Technology Group by 1.7% during the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock worth $507,000 after purchasing an additional 91 shares in the last quarter. Finally, Bank of Nova Scotia lifted its position in Credo Technology Group by 1.6% in the first quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock worth $566,000 after purchasing an additional 92 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

About Credo Technology Group

(Get Free Report)

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.

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