Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CFO Daniel W. Fleming Sells 3,790 Shares

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $97.29, for a total transaction of $368,729.10. Following the completion of the transaction, the chief financial officer directly owned 582,428 shares in the company, valued at approximately $56,664,420.12. This trade represents a 0.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Credo Technology Group Stock Performance

NASDAQ CRDO traded up $0.18 during trading hours on Monday, hitting $98.70. 3,827,059 shares of the company traded hands, compared to its average volume of 4,205,122. The business's 50-day moving average is $73.70 and its 200-day moving average is $62.57. Credo Technology Group Holding Ltd. has a twelve month low of $22.50 and a twelve month high of $100.51. The stock has a market capitalization of $16.94 billion, a price-to-earnings ratio of 365.56, a P/E/G ratio of 1.77 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The firm had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same period in the prior year, the firm posted $0.07 earnings per share. The business's quarterly revenue was up 179.6% compared to the same quarter last year. Analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Institutional Trading of Credo Technology Group

Hedge funds have recently made changes to their positions in the business. Larson Financial Group LLC raised its holdings in shares of Credo Technology Group by 21.5% during the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock worth $56,000 after buying an additional 245 shares in the last quarter. Operose Advisors LLC grew its position in Credo Technology Group by 69.2% during the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after acquiring an additional 252 shares during the last quarter. CIBC Private Wealth Group LLC grew its position in Credo Technology Group by 51.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after acquiring an additional 348 shares during the last quarter. Calamos Advisors LLC grew its position in Credo Technology Group by 3.1% during the 1st quarter. Calamos Advisors LLC now owns 17,369 shares of the company's stock worth $698,000 after acquiring an additional 529 shares during the last quarter. Finally, Prudential Financial Inc. grew its position in Credo Technology Group by 6.0% during the 4th quarter. Prudential Financial Inc. now owns 9,843 shares of the company's stock worth $662,000 after acquiring an additional 560 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on CRDO shares. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. TD Cowen raised 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, June 18th. Needham & Company LLC lifted their price objective on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Susquehanna reissued a "positive" rating and set a $90.00 price objective (up previously from $60.00) on shares of Credo Technology Group in a report on Tuesday, June 3rd. Finally, Wall Street Zen lowered Credo Technology Group from a "buy" rating to a "hold" rating in a research note on Saturday. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $82.45.

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.

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