Credo Technology Group (NASDAQ:CRDO) CEO Sells $6,384,500.00 in Stock

Key Points

• CEO William Joseph Brennan sold 50,000 shares on Jan. 29 at an average price of $127.69 for $6,384,500, reducing his stake by 2.66% to 1,832,502 shares after a string of other recent insider sales (including 50,000 shares on Dec. 11 at $153.16).
• Shares traded down about 4.2% to $119.96 and sit below the 50-day moving average ($150.50), while trading volume was near recent averages.
• Analysts remain bullish — consensus rating "Buy" with a $216.54 target — and the company recently beat Q results (EPS $0.67 vs. $0.49 est.) with revenue up 272% year-over-year to $268.03 million.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CEO William Joseph Brennan sold 50,000 shares of the business's stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $127.69, for a total value of $6,384,500.00. Following the sale, the chief executive officer directly owned 1,832,502 shares of the company's stock, valued at $233,992,180.38. This represents a 2.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

William Joseph Brennan also recently made the following trade(s):

• On Thursday, January 29th, William Joseph Brennan sold 18,016 shares of Credo Technology Group stock. The shares were sold at an average price of $127.69, for a total transaction of $2,300,463.04.
• On Thursday, January 8th, William Joseph Brennan sold 9,476 shares of Credo Technology Group stock. The shares were sold at an average price of $139.54, for a total transaction of $1,322,281.04.
• On Wednesday, January 7th, William Joseph Brennan sold 10,456 shares of Credo Technology Group stock. The shares were sold at an average price of $135.03, for a total value of $1,411,873.68.
• On Thursday, December 11th, William Joseph Brennan sold 50,000 shares of Credo Technology Group stock. The stock was sold at an average price of $153.16, for a total value of $7,658,000.00.
• On Thursday, December 11th, William Joseph Brennan sold 18,016 shares of Credo Technology Group stock. The stock was sold at an average price of $153.16, for a total value of $2,759,330.56.

Credo Technology Group Trading Down 4.2%

CRDO traded down $5.32 on Monday, hitting $119.96. 5,444,885 shares of the company's stock traded hands, compared to its average volume of 6,138,007. The company's 50 day simple moving average is $150.50 and its 200-day simple moving average is $142.12. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $213.80. The firm has a market cap of $21.67 billion, a price-to-earnings ratio of 105.23 and a beta of 2.65.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. During the same period last year, the firm posted $0.07 EPS. The company's revenue was up 272.1% on a year-over-year basis. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several research reports. TD Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Zacks Research raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, December 4th. Roth Mkm increased their target price on Credo Technology Group from $170.00 to $250.00 and gave the company a "buy" rating in a research report on Tuesday, December 2nd. Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a report on Tuesday, December 2nd. Finally, Barclays reaffirmed an "overweight" rating and set a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $216.54.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Atlantic Union Bankshares Corp purchased a new position in Credo Technology Group during the 3rd quarter valued at about $25,000. Crewe Advisors LLC boosted its stake in shares of Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock valued at $25,000 after purchasing an additional 106 shares in the last quarter. First Horizon Corp purchased a new position in Credo Technology Group during the third quarter valued at approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in Credo Technology Group in the second quarter worth approximately $27,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in Credo Technology Group during the fourth quarter worth $32,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

About Credo Technology Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.