Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Director Lip Bu Tan Sells 54,297 Shares

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) Director Lip Bu Tan sold 54,297 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $86.38, for a total transaction of $4,690,174.86. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

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 stock was 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 shares were 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 stock was 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 shares were sold at an average price of $75.20, for a total transaction of $5,640,000.00.

Credo Technology Group Price Performance

NASDAQ CRDO traded down $0.08 during trading hours on Friday, reaching $85.51. 5,524,012 shares of the stock traded hands, compared to its average volume of 4,012,114. The stock has a 50 day simple moving average of $58.05 and a two-hundred day simple moving average of $60.27. Credo Technology Group Holding Ltd. has a 1 year low of $22.50 and a 1 year high of $86.88. The company has a market cap of $14.52 billion, a price-to-earnings ratio of 316.70 and a beta of 2.42.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CRDO. Larson Financial Group LLC raised its holdings in Credo Technology Group by 21.5% during the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock valued at $56,000 after buying an additional 245 shares during the last quarter. Operose Advisors LLC boosted 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 acquiring an additional 252 shares in the last quarter. CIBC Private Wealth Group LLC increased its position in Credo Technology Group by 51.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after purchasing an additional 348 shares during the period. Amalgamated Bank increased its position in Credo Technology Group by 9.4% during the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company's stock valued at $321,000 after purchasing an additional 411 shares during the period. Finally, Arizona State Retirement System increased its position in Credo Technology Group by 1.2% during the 4th quarter. Arizona State Retirement System now owns 40,931 shares of the company's stock valued at $2,751,000 after purchasing an additional 501 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on CRDO shares. Bank of America reduced their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Mizuho dropped their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the stock an "overweight" rating in a research report on Tuesday, June 3rd. Finally, Cowen reissued a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Twelve investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Credo Technology Group has a consensus rating of "Buy" and a consensus target price of $81.00.

Credo Technology Group Company Profile

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.