Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Sells $293,156.50 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $77.35, for a total transaction of $293,156.50. Following the completion of the sale, the chief financial officer now owns 602,352 shares in the company, valued at $46,591,927.20. The trade was a 0.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $71.64 on Thursday. The company’s fifty day moving average price is $52.19 and its 200 day moving average price is $58.88. Credo Technology Group Holding Ltd has a 12 month low of $22.50 and a 12 month high of $86.69. The firm has a market capitalization of $12.16 billion, a P/E ratio of -477.60 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. The firm had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. Credo Technology Group’s revenue for the quarter was up 179.6% compared to the same quarter last year. During the same period last year, the business earned $0.07 EPS. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd will post 0.13 EPS for the current year.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of analyst reports. TD Cowen raised their price objective on shares of 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 reduced their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Mizuho reduced their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a report on Thursday, April 3rd. Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the company an “overweight” rating in a report on Tuesday, June 3rd. Finally, Noble Financial upgraded shares of Credo Technology Group to a “strong-buy” rating in a report on Tuesday, June 3rd. Eleven investment 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, the stock has an average rating of “Buy” and an average price target of $78.60.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Operose Advisors LLC increased its stake in Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock valued at $25,000 after purchasing an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in Credo Technology Group in the first quarter valued at $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Credo Technology Group in the first quarter valued at $27,000. Harbour Investments Inc. acquired a new position in Credo Technology Group in the first quarter valued at $29,000. Finally, Virtus Advisers LLC acquired a new position in Credo Technology Group in the first quarter valued at $31,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.