William Joseph Brennan Sells 50,000 Shares of Credo Technology Group (NASDAQ:CRDO) Stock

Key Points

• William Joseph Brennan, CEO of Credo Technology Group, sold 50,000 shares for approximately $8.2 million, reducing his ownership by 2.45% but still holding about 1.99 million shares valued at over $326 million.
• Shares of Credo Technology Group rose 4.8% recently, trading at $172.31, with a market capitalization of $29.81 billion.
• After missing quarterly EPS estimates, the company's revenue increased by 273.6% year-over-year, reaching $223.07 million, showcasing significant growth despite the earnings miss.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CEO William Joseph Brennan sold 50,000 shares of the firm's stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $164.11, for a total transaction of $8,205,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,992,502 shares in the company, valued at $326,989,503.22. This trade represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

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

• On Tuesday, September 16th, William Joseph Brennan sold 18,016 shares of Credo Technology Group stock. The shares were sold at an average price of $164.11, for a total transaction of $2,956,605.76.
• On Friday, August 1st, William Joseph Brennan sold 150,000 shares of Credo Technology Group stock. The shares were sold at an average price of $106.87, for a total transaction of $16,030,500.00.
• On Friday, August 1st, William Joseph Brennan sold 46,444 shares of Credo Technology Group stock. The shares were sold at an average price of $106.87, for a total transaction of $4,963,470.28.

Credo Technology Group Stock Down 1.6%

NASDAQ CRDO traded down $2.75 during trading hours on Friday, reaching $169.56. 12,620,966 shares of the company were exchanged, compared to its average volume of 5,337,945. The stock has a market capitalization of $29.33 billion, a P/E ratio of 253.07 and a beta of 2.59. The business's 50 day simple moving average is $123.01 and its 200-day simple moving average is $80.87. Credo Technology Group Holding Ltd. has a 1 year low of $28.31 and a 1 year high of $176.70.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The business had revenue of $223.07 million during the quarter, compared to analysts' expectations of $190.63 million. During the same quarter in the previous year, the business earned $0.04 EPS. Credo Technology Group's revenue for the quarter was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. As a group, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CRDO shares. William Blair began coverage on shares of Credo Technology Group in a report on Thursday. They issued an "outperform" rating for the company. Roth Capital lifted their target price on shares of Credo Technology Group from $95.00 to $160.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. Susquehanna lifted their target price on shares of Credo Technology Group from $115.00 to $165.00 and gave the stock a "positive" rating in a research note on Thursday, September 4th. Zacks Research raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 8th. Finally, Wall Street Zen downgraded shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research note on Saturday. Two research analysts have rated the stock with a Strong Buy rating and thirteen have given a Buy rating to the stock. According to MarketBeat.com, Credo Technology Group presently has an average rating of "Buy" and a consensus target price of $126.27.

Institutional Trading of Credo Technology Group

Hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in Credo Technology Group by 36.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company's stock worth $602,662,000 after purchasing an additional 1,739,844 shares in the last quarter. Nuveen LLC bought a new position in Credo Technology Group in the 1st quarter worth about $52,636,000. Alliancebernstein L.P. boosted its stake in Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock worth $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. 1832 Asset Management L.P. bought a new position in Credo Technology Group in the 2nd quarter worth about $82,479,000. Finally, Swedbank AB boosted its stake in Credo Technology Group by 29.5% in the 1st 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 in the last quarter. 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.