Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Sells $293,156.50 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $77.35, for a total transaction of $293,156.50. Following the completion of the sale, the chief financial officer now owns 602,352 shares in the company, valued at $46,591,927.20. The trade was a 0.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock traded down $1.87 during trading hours on Monday, hitting $71.09. The company had a trading volume of 6,543,002 shares, compared to its average volume of 3,857,842. The company has a market cap of $12.07 billion, a P/E ratio of -473.93 and a beta of 2.42. The company's 50-day moving average is $50.79 and its two-hundred day moving average is $58.72. Credo Technology Group Holding Ltd has a twelve month low of $22.50 and a twelve month high of $86.69.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The business's revenue was up 179.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.07 EPS. Sell-side analysts expect that Credo Technology Group Holding Ltd will post 0.13 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a report 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 report on Tuesday, June 3rd. Mizuho decreased their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a report on Thursday, April 3rd. Bank of America decreased their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Finally, Stifel Nicolaus increased their price objective on shares of Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $78.60.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently added to or reduced their stakes in CRDO. Operose Advisors LLC grew its holdings in 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 purchasing an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Credo Technology Group in the 1st quarter worth approximately $25,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Credo Technology Group in the 1st quarter worth about $27,000. Harbour Investments Inc. bought a new position in shares of Credo Technology Group in the 1st quarter worth about $29,000. Finally, Virtus Advisers LLC bought a new stake in Credo Technology Group in the 1st quarter valued at about $31,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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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