Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Director Sells $4,690,174.86 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Director Lip Bu Tan sold 54,297 shares of the company’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $86.38, for a total transaction of $4,690,174.86. Following the completion of the transaction, the director now owns 559,428 shares in the company, valued at approximately $48,323,390.64. This represents a 8.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Lip Bu Tan also recently made the following trade(s):

• On Monday, June 16th, Lip Bu Tan sold 171,473 shares of Credo Technology Group stock. The stock was sold at an average price of $77.90, for a total value of $13,357,746.70.
• On Friday, June 13th, Lip Bu Tan sold 3,527 shares of Credo Technology Group stock. The shares were sold at an average price of $76.05, for a total value of $268,228.35.
• On Thursday, June 12th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $75.33, for a total value of $7,533,000.00.
• On Thursday, June 5th, Lip Bu Tan sold 75,000 shares of Credo Technology Group stock. The stock was sold at an average price of $75.20, for a total transaction of $5,640,000.00.

Credo Technology Group Trading Down 0.1%

CRDO stock opened at $85.51 on Friday. The stock has a market cap of $14.52 billion, a P/E ratio of 316.70 and a beta of 2.42. Credo Technology Group Holding Ltd. has a twelve month low of $22.50 and a twelve month high of $86.88. The company’s 50 day moving average is $58.05 and its two-hundred day moving average is $60.33.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 9.15%. The company had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. During the same quarter in the prior year, the firm posted $0.07 earnings per share. Credo Technology Group’s revenue for the quarter was up 179.6% on a year-over-year basis. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CRDO. Susquehanna reaffirmed a “positive” rating and set a $90.00 target price (up from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Barclays set a $85.00 price target on shares of Credo Technology Group and gave the stock an “overweight” rating in a research note on Tuesday, June 3rd. Mizuho reduced their price objective on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research note on Thursday, April 3rd. TD Cowen lifted their target price on Credo Technology Group from $85.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Noble Financial raised Credo Technology Group to a “strong-buy” rating in a research note on Tuesday, June 3rd. Twelve analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $81.00.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently modified their holdings of the business. Kestra Investment Management LLC acquired a new stake in Credo Technology Group during the 4th quarter worth $38,000. Operose Advisors LLC raised its holdings in shares of 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 buying an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Credo Technology Group during the first quarter worth about $25,000. Principal Securities Inc. grew its holdings in shares of Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after buying an additional 576 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Credo Technology Group in the 1st quarter valued at about $27,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

About Credo Technology Group

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.