Insider Selling: Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Director Sells 80,000 Shares of Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) Director Lip Bu Tan sold 80,000 shares of the firm's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $90.77, for a total value of $7,261,600.00. Following the transaction, the director now directly owns 479,428 shares of the company's stock, valued at approximately $43,517,679.56. This represents a 14.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Wednesday, June 25th, Lip Bu Tan sold 12,248 shares of Credo Technology Group stock. The shares were sold at an average price of $93.22, for a total value of $1,141,758.56.
• 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 value 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 value 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 Performance

Shares of Credo Technology Group stock traded up $2.85 on Thursday, hitting $95.05. The company had a trading volume of 5,146,545 shares, compared to its average volume of 4,059,472. The stock has a market capitalization of $16.14 billion, a price-to-earnings ratio of 352.04, a P/E/G ratio of 1.65 and a beta of 2.42. Credo Technology Group Holding Ltd. has a 1 year low of $22.50 and a 1 year high of $95.68. The stock has a 50 day moving average of $61.11 and a 200-day moving average of $60.71.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. The business 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%. The business's revenue was up 179.6% on a year-over-year basis. During the same period last year, the business earned $0.07 EPS. Equities analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on CRDO. 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. TD Cowen raised their target price on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Susquehanna reissued a "positive" rating and issued a $90.00 price target (up from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Stifel Nicolaus increased their price target on Credo Technology Group from $69.00 to $80.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Finally, Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Twelve equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Credo Technology Group currently has an average rating of "Buy" and an average target price of $81.00.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Swedbank AB boosted its holdings in Credo Technology Group by 29.5% during the first quarter. Swedbank AB now owns 3,219,125 shares of the company's stock worth $129,280,000 after purchasing an additional 733,811 shares during the last quarter. Voya Investment Management LLC lifted its position in shares of Credo Technology Group by 233.5% during the 1st quarter. Voya Investment Management LLC now owns 138,516 shares of the company's stock worth $5,563,000 after buying an additional 96,985 shares in the last quarter. Invst LLC purchased a new position in shares of Credo Technology Group in the 1st quarter worth approximately $348,000. Rhumbline Advisers grew its holdings in shares of Credo Technology Group by 4.9% in the first quarter. Rhumbline Advisers now owns 205,046 shares of the company's stock valued at $8,235,000 after acquiring an additional 9,615 shares in the last quarter. Finally, Strs Ohio bought a new position in shares of Credo Technology Group in the first quarter valued at approximately $1,108,000. 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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