Credo Technology Group (NASDAQ:CRDO) COO Sells $10,315,000.00 in Stock

Key Points

• Credo Technology Group’s COO sold 50,000 shares for approximately $10.3 million under a pre-arranged Rule 10b5-1 trading plan, reducing his direct stake by 1.98% to 2.48 million shares.
• CRDO shares traded around $192.35, down 0.2%, with a market capitalization of approximately $36.15 billion. The stock has traded between $86.49 and $308.67 over the past year.
• The company reported strong quarterly results, including $1.20 in EPS and $479 million in revenue, representing 114.7% year-over-year growth. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $264.89.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) COO Yat Lam sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 25th. The shares were sold at an average price of $206.30, for a total value of $10,315,000.00. Following the completion of the sale, the chief operating officer directly owned 2,479,169 shares in the company, valued at $511,452,564.70. This represents a 1.98% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Yat Tung Lam also recently made the following trade(s):

• On Friday, July 31st, Yat Lam sold 50,000 shares of Credo Technology Group stock. The shares were sold at an average price of $213.33, for a total value of $10,666,500.00.
• On Friday, July 31st, Yat Lam sold 55,441 shares of Credo Technology Group stock. The stock was sold at an average price of $213.02, for a total transaction of $11,810,041.82.

Credo Technology Group Trading Down 0.2%

Shares of CRDO traded down $0.32 during trading hours on Tuesday, reaching $192.35. The company had a trading volume of 6,656,512 shares, compared to its average volume of 7,513,917. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The firm has a 50 day simple moving average of $208.93 and a 200-day simple moving average of $196.09. The company has a market capitalization of $36.15 billion, a price-to-earnings ratio of 68.45, a PEG ratio of 0.84 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping analysts' consensus estimates of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The firm had revenue of $479.00 million for the quarter, compared to the consensus estimate of $473.30 million. During the same quarter in the previous year, the firm earned $0.52 earnings per share. The firm's revenue was up 114.7% on a year-over-year basis. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Institutional Trading of Credo Technology Group

Several large investors have recently modified their holdings of the business. Corient Private Wealth LLC lifted its stake in shares of Credo Technology Group by 239,024.5% during the fourth 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. Atreides Management LP purchased a new stake in Credo Technology Group in the 1st quarter worth approximately $102,434,000. The Manufacturers Life Insurance Company grew its stake in Credo Technology Group by 192.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company's stock worth $98,290,000 after acquiring an additional 688,596 shares during the period. H&H International Investment LLC raised its holdings in Credo Technology Group by 431.6% in the 1st quarter. H&H International Investment LLC now owns 751,200 shares of the company's stock valued at $70,515,000 after acquiring an additional 609,900 shares during the last quarter. Finally, Scge Management L.P. acquired a new position in Credo Technology Group in the 4th quarter valued at $82,017,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Needham & Company LLC upped their price target on Credo Technology Group from $220.00 to $275.00 and gave the stock a "buy" rating in a report on Monday, June 1st. The Goldman Sachs Group reaffirmed a "buy" rating and set a $250.00 price objective on shares of Credo Technology Group in a report on Tuesday, June 2nd. Stifel Nicolaus boosted their target price on Credo Technology Group from $250.00 to $350.00 and gave the stock a "buy" rating in a research report on Monday, June 22nd. Jefferies Financial Group upped their target price on Credo Technology Group from $225.00 to $270.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Finally, Weiss Ratings upgraded Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, September 18th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $264.89.

About Credo Technology Group

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.

The company's product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.

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