Insider Selling: Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Insider Sells 5,000 Shares of Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) insider James Laufman sold 5,000 shares of the firm’s stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $85.07, for a total transaction of $425,350.00. Following the transaction, the insider now owns 249,346 shares of the company’s stock, valued at approximately $21,211,864.22. This trade represents a 1.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

James Laufman also recently made the following trade(s):

• On Monday, April 14th, James Laufman sold 8,000 shares of Credo Technology Group stock. The shares were sold at an average price of $39.09, for a total transaction of $312,720.00.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $85.51 on Friday. The company has a 50 day simple moving average of $58.05 and a 200-day simple moving average of $60.27. The firm has a market capitalization of $14.52 billion, a price-to-earnings ratio of 316.70 and a beta of 2.42. Credo Technology Group Holding Ltd. has a 52-week low of $22.50 and a 52-week high of $86.88.

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CRDO shares. Roth Capital set a $95.00 price objective on shares of Credo Technology Group and gave the company a “buy” rating in a research report on Friday, June 13th. Needham & Company LLC raised their price objective on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, June 3rd. Susquehanna reiterated a “positive” rating and issued a $90.00 target price (up from $60.00) on shares of Credo Technology Group in a report on Tuesday, June 3rd. Stifel Nicolaus raised their target price on shares of Credo Technology Group from $69.00 to $80.00 and gave the stock a “buy” 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. Twelve investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $81.00.

Institutional Trading of Credo Technology Group

Hedge funds have recently made changes to their positions in the stock. Kestra Investment Management LLC purchased a new stake in shares of Credo Technology Group in the fourth quarter worth approximately $38,000. Operose Advisors LLC lifted its position 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 worth $25,000 after purchasing an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Credo Technology Group in the first quarter worth approximately $25,000. Principal Securities Inc. raised its position in Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after acquiring an additional 576 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Credo Technology Group during the first quarter valued at approximately $27,000. 80.46% of the stock is 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.