Insider Selling: Credo Technology Group (NASDAQ:CRDO) CFO Sells 4,660 Shares of Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CFO Daniel Fleming sold 4,660 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $128.20, for a total value of $597,412.00. Following the sale, the chief financial officer directly owned 450,080 shares in the company, valued at approximately $57,700,256. This trade represents a 1.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Credo Technology Group Trading Up 6.2%

CRDO traded up $8.83 during trading hours on Friday, hitting $150.42. The company’s stock had a trading volume of 7,505,978 shares, compared to its average volume of 7,470,149. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $213.80. The firm has a market capitalization of $27.17 billion, a PE ratio of 131.95 and a beta of 2.66. The company has a 50-day simple moving average of $155.03 and a 200 day simple moving average of $136.09.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.18. The company 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 company’s revenue for the quarter was up 272.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.07 earnings per share. Research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CRDO has been the topic of several recent analyst reports. Roth Capital boosted their target price on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. William Blair initiated coverage on Credo Technology Group in a research note on Thursday, September 18th. They set an “outperform” rating for the company. Barclays boosted their price target on shares of Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 2nd. Needham & Company LLC raised their price objective on shares of Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Finally, New Street Research set a $240.00 target price on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $206.85.

Institutional Trading of Credo Technology Group

Several large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted its holdings in shares of Credo Technology Group by 960.8% in the fourth quarter. SG Americas Securities LLC now owns 252,855 shares of the company’s stock valued at $36,383,000 after purchasing an additional 229,018 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Credo Technology Group during the 4th quarter worth about $564,000. Diversified Trust Co. grew its stake in Credo Technology Group by 1.7% during the 4th quarter. Diversified Trust Co. now owns 18,151 shares of the company’s stock valued at $2,612,000 after acquiring an additional 295 shares in the last quarter. Nordea Investment Management AB acquired a new position in shares of Credo Technology Group in the 4th quarter valued at about $2,084,000. Finally, Aventura Private Wealth LLC purchased a new stake in shares of Credo Technology Group in the fourth quarter worth approximately $336,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.