Credo Technology Group (NASDAQ:CRDO) CFO Daniel Fleming Sells 7,580 Shares of Stock

Key Points

• Credo Technology Group CFO Daniel Fleming sold 7,580 shares on July 8 at an average price of $245.88, totaling about $1.86 million. The sale was made under a pre-arranged Rule 10b5-1 plan.
• After the transaction, Fleming still owned 504,708 shares valued at roughly $124.1 million, reducing his stake by about 1.48%.
• The stock has been strong overall, with the company recently reporting earnings and revenue that beat expectations and analysts maintaining a Buy consensus with a $263.11 price target.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CFO Daniel Fleming sold 7,580 shares of Credo Technology Group stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the transaction, the chief financial officer owned 504,708 shares of the company's stock, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credo Technology Group Price Performance

Shares of CRDO stock traded down $20.85 during trading hours on Monday, hitting $236.94. 6,711,340 shares of the company's stock were exchanged, compared to its average volume of 7,806,455. The stock's 50-day moving average is $228.75 and its 200-day moving average is $164.67. The stock has a market cap of $44.18 billion, a price-to-earnings ratio of 95.54, a price-to-earnings-growth ratio of 1.18 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same period in the previous year, the firm posted $0.20 earnings per share. The company's revenue was up 157.0% on a year-over-year basis. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently bought and sold shares of the company. Corient Private Wealth LLC grew its holdings in shares of Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock valued at $517,835,000 after buying an additional 3,597,318 shares during the period. Amundi raised its stake in Credo Technology Group by 28,478.2% during the 4th quarter. Amundi now owns 1,559,796 shares of the company's stock worth $224,439,000 after buying an additional 1,554,338 shares during the period. Janus Henderson Group PLC lifted its holdings in Credo Technology Group by 841.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company's stock worth $228,979,000 after acquiring an additional 1,422,391 shares in the last quarter. Bank of America Corp DE lifted its holdings in Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock worth $331,710,000 after acquiring an additional 1,406,752 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock valued at $283,778,000 after acquiring an additional 1,218,504 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Zacks Research raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 19th. Rothschild & Co Redburn assumed coverage on Credo Technology Group in a research note on Friday, May 1st. They set a "buy" rating and a $206.00 price objective for the company. Stifel Nicolaus upped their price objective on Credo Technology Group from $250.00 to $350.00 and gave the company a "buy" rating in a report on Monday, June 22nd. JPMorgan Chase & Co. upped their price objective on Credo Technology Group from $230.00 to $250.00 and gave the company an "overweight" rating in a report on Tuesday, June 2nd. Finally, Bank of America increased their target price on Credo Technology Group from $252.00 to $340.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of "Buy" and a consensus price target of $263.11.

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.

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