Credo Technology Group (NASDAQ:CRDO) Insider James Laufman Sells 5,000 Shares of Stock

Key Points

• Insider James Laufman sold 5,000 Credo shares at an average price of $185, generating $925,000 and reducing his position by 2.87% to 169,223 shares.
• Credo shares recently traded at $193.87, while quarterly results showed 114.7% year-over-year revenue growth and EPS of $1.20, exceeding analysts’ $1.17 estimate.
• Institutional investors own 80.46% of the company, and analysts maintain a “Moderate Buy” consensus with an average price target of $264.89.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) insider James Laufman sold 5,000 shares of the business's stock in a transaction on Monday, September 21st. The stock was sold at an average price of $185.00, for a total value of $925,000.00. Following the transaction, the insider directly owned 169,223 shares in the company, valued at $31,306,255. This trade represents a 2.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Credo Technology Group Stock Up 0.7%

Shares of CRDO traded up $1.31 during midday trading on Wednesday, reaching $193.87. The company had a trading volume of 7,787,171 shares, compared to its average volume of 7,495,888. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67. The firm has a 50 day simple moving average of $210.05 and a 200-day simple moving average of $193.70. The stock has a market cap of $36.44 billion, a PE ratio of 68.99, a price-to-earnings-growth ratio of 0.75 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $473.30 million. During the same quarter in the previous year, the company posted $0.52 EPS. The company's revenue was up 114.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE lifted its stake in Credo Technology Group by 13.7% during the 2nd quarter. Bank of America Corp DE now owns 2,182,764 shares of the company's stock worth $593,603,000 after acquiring an additional 262,479 shares in the last quarter. Geode Capital Management LLC increased its stake in Credo Technology Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company's stock worth $555,117,000 after purchasing an additional 184,676 shares during the period. Corient Private Wealth LLC lifted its position 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 worth $517,835,000 after purchasing an additional 3,597,318 shares in the last quarter. Atreides Management LP lifted its position in shares of Credo Technology Group by 3.5% during the second quarter. Atreides Management LP now owns 1,129,285 shares of the company's stock worth $307,109,000 after purchasing an additional 38,052 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Credo Technology Group by 11.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,021,020 shares of the company's stock valued at $290,805,000 after purchasing an additional 203,462 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Needham & Company LLC upped their price objective on Credo Technology Group from $220.00 to $275.00 and gave the company a "buy" rating in a report on Monday, June 1st. Rosenblatt Securities upped their price target on Credo Technology Group from $215.00 to $235.00 and gave the company a "neutral" rating in a research note on Wednesday, September 2nd. Mizuho lowered their price target on Credo Technology Group from $290.00 to $245.00 and set an "outperform" rating for the company in a report on Monday. Roth Capital raised their price objective on Credo Technology Group from $200.00 to $300.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and issued a $250.00 target price on shares of Credo Technology Group in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company 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 the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company's portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.

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