Credo Technology Group (NASDAQ:CRDO) COO Sells $56,680,300.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) COO Yat Tung Lam sold 370,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the sale, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at $61,276,000. This represents a 48.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Yat Tung Lam also recently made the following trade(s):

• On Wednesday, October 29th, Yat Tung Lam sold 80,000 shares of Credo Technology Group stock. The shares were sold at an average price of $169.27, for a total transaction of $13,541,600.00.
• On Wednesday, October 22nd, Yat Tung Lam sold 70,000 shares of Credo Technology Group stock. The stock was sold at an average price of $137.49, for a total value of $9,624,300.00.
• On Wednesday, October 1st, Yat Tung Lam sold 80,000 shares of Credo Technology Group stock. The shares were sold at an average price of $143.53, for a total value of $11,482,400.00.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $134.13 on Thursday. The stock’s 50 day simple moving average is $156.39 and its 200-day simple moving average is $128.82. The company has a market cap of $24.23 billion, a PE ratio of 117.66 and a beta of 2.63. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The firm’s revenue for the quarter was up 272.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.07 earnings per share. On average, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRDO. Weiss Ratings reissued a “hold (c+)” rating on shares of Credo Technology Group in a research note on Monday. Wall Street Zen raised shares of Credo Technology Group from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. Barclays boosted their target price on Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a report on Tuesday, December 2nd. Wolfe Research set a $240.00 price target on Credo Technology Group in a report on Tuesday, December 2nd. Finally, Needham & Company LLC lifted their price objective on Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $206.85.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Savant Capital LLC grew its position in shares of Credo Technology Group by 0.7% during the third quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock worth $1,444,000 after acquiring an additional 68 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Credo Technology Group by 16.2% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after purchasing an additional 77 shares during the last quarter. Illinois Municipal Retirement Fund boosted its stake in Credo Technology Group by 0.6% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock worth $2,298,000 after purchasing an additional 91 shares during the period. Versant Capital Management Inc grew its position in Credo Technology Group by 18.0% during the 3rd quarter. Versant Capital Management Inc now owns 663 shares of the company’s stock worth $97,000 after purchasing an additional 101 shares during the last quarter. Finally, CIBC Private Wealth Group LLC increased its stake in Credo Technology Group by 14.8% in the third quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock valued at $125,000 after purchasing an additional 111 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.