Daniel W. Fleming Sells 12,498 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming sold 12,498 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $73.57, for a total value of $919,477.86. Following the completion of the sale, the chief financial officer now directly owns 589,854 shares of the company’s stock, valued at approximately $43,395,558.78. The trade was a 2.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $68.53 on Wednesday. The business has a fifty day simple moving average of $51.42 and a two-hundred day simple moving average of $58.79. Credo Technology Group Holding Ltd has a 1 year low of $22.50 and a 1 year high of $86.69. The company has a market capitalization of $11.64 billion, a price-to-earnings ratio of -456.87 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. The company had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. During the same quarter last year, the firm earned $0.07 earnings per share. The company’s revenue was up 179.6% on a year-over-year basis. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently modified their holdings of CRDO. Operose Advisors LLC lifted its holdings in shares of Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after buying an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Credo Technology Group during the first quarter worth $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Credo Technology Group during the first quarter worth $27,000. Harbour Investments Inc. acquired a new stake in shares of Credo Technology Group during the first quarter worth $29,000. Finally, Virtus Advisers LLC acquired a new stake in shares of Credo Technology Group during the first quarter worth $31,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. TD Cowen increased their price objective on Credo Technology Group from $50.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, June 3rd. Bank of America cut their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Needham & Company LLC increased their price objective on Credo Technology Group from $80.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, June 3rd. Noble Financial raised Credo Technology Group to a “strong-buy” rating in a report on Tuesday, June 3rd. Finally, Barclays set a $85.00 price objective on Credo Technology Group and gave the company an “overweight” rating in a report on Tuesday, June 3rd. Eleven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and an average target price of $78.60.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.