Lip Bu Tan Sells 171,473 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) Director Lip Bu Tan sold 171,473 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $77.90, for a total value of $13,357,746.70. Following the completion of the sale, the director now directly owns 613,725 shares of the company's stock, valued at approximately $47,809,177.50. This represents a 21.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Lip Bu Tan also recently made the following trade(s):

• On Friday, June 13th, Lip Bu Tan sold 3,527 shares of Credo Technology Group stock. The stock was sold at an average price of $76.05, for a total transaction of $268,228.35.
• On Thursday, June 12th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $75.33, for a total value of $7,533,000.00.
• On Thursday, June 5th, Lip Bu Tan sold 75,000 shares of Credo Technology Group stock. The shares were sold at an average price of $75.20, for a total value of $5,640,000.00.

Credo Technology Group Stock Up 7.4%

CRDO stock traded up $5.88 during trading on Thursday, hitting $85.59. The company had a trading volume of 9,756,607 shares, compared to its average volume of 3,995,114. The firm has a market capitalization of $14.53 billion, a P/E ratio of 317.00 and a beta of 2.42. The company has a 50 day simple moving average of $56.17 and a 200-day simple moving average of $59.97. Credo Technology Group Holding Ltd. has a 52-week low of $22.50 and a 52-week high of $86.84.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) 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. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. The business had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. During the same quarter in the prior year, the company earned $0.07 EPS. The business's revenue was up 179.6% compared to the same quarter last year. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Operose Advisors LLC raised its stake in Credo Technology Group by 69.2% in 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. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Credo Technology Group in the first quarter worth about $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Credo Technology Group during the first quarter worth about $27,000. Harbour Investments Inc. purchased a new stake in Credo Technology Group in the first quarter valued at approximately $29,000. Finally, Virtus Advisers LLC acquired a new position in Credo Technology Group in the 1st quarter worth approximately $31,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRDO has been the subject of several research analyst reports. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Bank of America dropped their price target on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. TD Cowen boosted their price objective on shares of Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday. Needham & Company LLC upped their price objective on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Finally, Mizuho cut their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Twelve 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.com, the stock currently has a consensus rating of "Buy" and an average target price of $81.00.

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.