Credo Technology Group (NASDAQ:CRDO) CFO Daniel Fleming Sells 112,580 Shares

Key Points

• CFO Daniel Fleming of Credo Technology Group sold 112,580 shares of the company's stock for approximately $15.56 million, resulting in a 19.71% decrease in his ownership.
• Credo Technology Group's stock saw a decline of 8.2%, trading at $138.83 with significant trading volume during the session.
• Institutional investors hold 80.46% of the company's stock, indicating strong confidence in the firm among large investors.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CFO Daniel Fleming sold 112,580 shares of the stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $138.20, for a total value of $15,558,556.00. Following the completion of the transaction, the chief financial officer directly owned 458,678 shares of the company's stock, valued at $63,389,299.60. This represents a 19.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Credo Technology Group Stock Down 8.2%

Shares of NASDAQ:CRDO traded down $12.32 during midday trading on Friday, reaching $138.83. The company's stock had a trading volume of 8,142,959 shares, compared to its average volume of 5,344,168. The firm has a 50 day moving average of $136.00 and a 200-day moving average of $90.80. The firm has a market capitalization of $24.02 billion, a P/E ratio of 207.21 and a beta of 2.60. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $176.70.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The business had revenue of $223.07 million for the quarter, compared to the consensus estimate of $190.63 million. During the same period in the previous year, the firm earned $0.04 EPS. The company's revenue was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on CRDO. William Blair assumed coverage on Credo Technology Group in a research note on Thursday, September 18th. They issued an "outperform" rating on the stock. Needham & Company LLC lifted their price target on Credo Technology Group from $85.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, September 4th. TD Cowen initiated coverage on shares of Credo Technology Group in a research report on Wednesday, October 1st. They set a "buy" rating and a $170.00 price objective on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Credo Technology Group in a report on Wednesday. Finally, Roth Capital reiterated a "buy" rating and set a $170.00 price target on shares of Credo Technology Group in a report on Tuesday, September 30th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $128.55.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC boosted its holdings in Credo Technology Group by 8,072.2% in the 1st quarter. GAMMA Investing LLC now owns 79,597 shares of the company's stock worth $3,197,000 after buying an additional 78,623 shares during the period. Harbor Capital Advisors Inc. bought a new position in shares of Credo Technology Group in the first quarter worth about $1,759,000. Handelsbanken Fonder AB boosted its stake in shares of Credo Technology Group by 7.3% in the first quarter. Handelsbanken Fonder AB now owns 35,400 shares of the company's stock worth $1,422,000 after acquiring an additional 2,400 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in Credo Technology Group during the 1st quarter valued at approximately $301,000. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Credo Technology Group by 27.9% in the first quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock worth $270,000 after buying an additional 1,467 shares in the last quarter. Institutional investors own 80.46% of the company's stock.

About Credo Technology Group

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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