Insider Selling: Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Director Sells 12,248 Shares of Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) Director Lip Bu Tan sold 12,248 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $93.22, for a total value of $1,141,758.56. Following the sale, the director now directly owns 467,180 shares of the company's stock, valued at approximately $43,550,519.60. This trade represents a 2.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Lip Bu Tan also recently made the following trade(s):

• On Tuesday, June 24th, Lip Bu Tan sold 80,000 shares of Credo Technology Group stock. The shares were sold at an average price of $90.77, for a total transaction of $7,261,600.00.
• On Wednesday, June 18th, Lip Bu Tan sold 54,297 shares of Credo Technology Group stock. The stock was sold at an average price of $86.38, for a total transaction of $4,690,174.86.
• On Monday, June 16th, Lip Bu Tan sold 171,473 shares of Credo Technology Group stock. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70.
• On Friday, June 13th, Lip Bu Tan sold 3,527 shares of Credo Technology Group stock. The stock was sold at an average price of $76.05, for a total value of $268,228.35.
• On Thursday, June 12th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $75.33, for a total value of $7,533,000.00.
• On Thursday, June 5th, Lip Bu Tan sold 75,000 shares of Credo Technology Group stock. The stock was sold at an average price of $75.20, for a total value of $5,640,000.00.

Credo Technology Group Price Performance

NASDAQ CRDO traded up $2.85 during trading hours on Thursday, reaching $95.05. 5,146,545 shares of the company's stock traded hands, compared to its average volume of 4,059,472. Credo Technology Group Holding Ltd. has a 52-week low of $22.50 and a 52-week high of $95.68. The firm has a 50-day simple moving average of $61.11 and a 200 day simple moving average of $60.71. The firm has a market cap of $16.14 billion, a PE ratio of 352.04, a PEG ratio of 1.65 and a beta of 2.42.

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 for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 9.15%. The business had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. During the same quarter last year, the firm earned $0.07 earnings per share. The business's revenue for the quarter was up 179.6% on a year-over-year basis. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CRDO. Barclays set a $85.00 target price on Credo Technology Group and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Roth Capital set a $95.00 target price on shares of Credo Technology Group and gave the stock a "buy" rating in a research report on Friday, June 13th. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Finally, Bank of America cut their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Credo Technology Group presently has a consensus rating of "Buy" and an average target price of $81.00.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRDO. Operose Advisors LLC grew its stake in shares of 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 acquiring an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Credo Technology Group in the 1st quarter worth about $25,000. Principal Securities Inc. boosted its stake in Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after purchasing an additional 576 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Credo Technology Group during the 1st quarter valued at about $27,000. Finally, Harbour Investments Inc. purchased a new stake in Credo Technology Group during the 1st quarter valued at about $29,000. Hedge funds and other 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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