Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Director Sells $4,690,174.86 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) Director Lip Bu Tan sold 54,297 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $86.38, for a total value of $4,690,174.86. Following the transaction, the director now owns 559,428 shares in the company, valued at approximately $48,323,390.64. This trade represents a 8.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• 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 transaction 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 transaction 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 transaction of $5,640,000.00.

Credo Technology Group Stock Down 1.1%

Shares of CRDO stock traded down $0.94 on Monday, reaching $84.57. The company had a trading volume of 7,312,954 shares, compared to its average volume of 4,025,320. The stock has a market capitalization of $14.36 billion, a PE ratio of 313.22, a price-to-earnings-growth ratio of 1.53 and a beta of 2.42. The business's 50-day moving average is $58.05 and its 200 day moving average is $60.20. Credo Technology Group Holding Ltd. has a one year low of $22.50 and a one year high of $86.88.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued 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. The firm had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 9.15%. The company's quarterly revenue was up 179.6% on a year-over-year basis. During the same quarter last year, the business posted $0.07 earnings per share. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of CRDO. Kestra Investment Management LLC bought a new position in shares of Credo Technology Group during the fourth quarter valued at $38,000. Operose Advisors LLC increased 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 valued at $25,000 after purchasing an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. bought a new position in Credo Technology Group during the 1st quarter worth $25,000. Principal Securities Inc. raised its position in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after purchasing an additional 576 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Credo Technology Group during the 1st quarter worth about $27,000. Institutional investors own 80.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CRDO shares. Needham & Company LLC increased their price target on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Roth Capital set a $95.00 target price on Credo Technology Group and gave the company a "buy" rating in a research report on Friday, June 13th. TD Cowen increased their target price on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a report on Wednesday, June 18th. Barclays set a $85.00 price target on Credo Technology Group and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Finally, Susquehanna reaffirmed a "positive" rating and set a $90.00 price objective (up previously from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Twelve research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $81.00.

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.