Insider Selling: Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CEO Sells 150,000 Shares of Stock

Key Points

• William Joseph Brennan, the CEO of Credo Technology Group, sold 150,000 shares of stock at an average price of $106.87, totaling about $16 million, which decreased his ownership by 6.78%.
• Credo Technology Group reported a 179.6% increase in revenue year-over-year, hitting $170 million in the latest quarter, and earnings per share of $0.35, surpassing estimates.
• Wall Street analysts remain optimistic with a consensus rating of "Buy" for CRDO shares, with target prices ranging from $80 to $115.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CEO William Joseph Brennan sold 150,000 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $106.87, for a total value of $16,030,500.00. Following the completion of the sale, the chief executive officer directly owned 2,061,978 shares of the company's stock, valued at approximately $220,363,588.86. This trade represents a 6.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• On Friday, August 1st, William Joseph Brennan sold 46,444 shares of Credo Technology Group stock. The stock was sold at an average price of $106.87, for a total value of $4,963,470.28.

Credo Technology Group Price Performance

CRDO stock traded down $4.41 during trading on Tuesday, reaching $110.29. The company had a trading volume of 3,477,305 shares, compared to its average volume of 5,313,266. Credo Technology Group Holding Ltd. has a 52 week low of $23.86 and a 52 week high of $118.95. The business has a 50 day moving average of $88.52 and a 200 day moving average of $66.02. The company has a market cap of $18.93 billion, a P/E ratio of 408.48, a PEG ratio of 1.93 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. The firm had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The business's revenue was up 179.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.07 EPS. Research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in CRDO. Nisa Investment Advisors LLC boosted its holdings in shares of Credo Technology Group by 3.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,684 shares of the company's stock valued at $341,000 after buying an additional 126 shares in the last quarter. Blue Trust Inc. lifted its position in Credo Technology Group by 3.9% during the 2nd quarter. Blue Trust Inc. now owns 4,108 shares of the company's stock valued at $380,000 after acquiring an additional 154 shares during the period. Signaturefd LLC boosted its stake in Credo Technology Group by 32.4% during the second quarter. Signaturefd LLC now owns 703 shares of the company's stock worth $65,000 after acquiring an additional 172 shares in the last quarter. Larson Financial Group LLC boosted its stake in Credo Technology Group by 21.5% during the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock worth $56,000 after acquiring an additional 245 shares in the last quarter. Finally, Operose Advisors LLC grew its holdings in Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after purchasing an additional 252 shares during the period. Institutional investors own 80.46% of the company's stock.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several recent analyst reports. Stifel Nicolaus raised their target price on shares of Credo Technology Group from $80.00 to $115.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Roth Capital set a $95.00 price target on shares of Credo Technology Group and gave the company a "buy" rating in a research report on Friday, June 13th. Cowen reissued a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Mizuho upped their price objective on shares of Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a research note on Thursday, July 3rd. Finally, Wall Street Zen lowered shares of Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Credo Technology Group has a consensus rating of "Buy" and a consensus target price of $87.91.

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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