Pantas Sutardja Sells 1,875 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Stock

Key Points

• Director Pantas Sutardja sold 1,875 shares of Credo Technology Group, resulting in a total transaction value of $200,625, and now directly owns 5,898,652 shares.
• Shares of Credo Technology Group traded down 3.8% to $110.29, with a market capitalization of $18.93 billion and a PE ratio of 408.48.
• Analysts have mixed ratings on the stock, with consensus classification as a "Buy" and an average price target of $87.91, while some firms have upgraded or downgraded their ratings recently.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $107.00, for a total transaction of $200,625.00. Following the completion of the sale, the director directly owned 5,898,652 shares in the company, valued at $631,155,764. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Credo Technology Group Trading Down 3.8%

Shares of NASDAQ:CRDO traded down $4.41 during trading on Tuesday, reaching $110.29. The company's stock had a trading volume of 3,477,305 shares, compared to its average volume of 4,660,624. The stock has a market capitalization of $18.93 billion, a PE ratio of 408.48, a price-to-earnings-growth ratio of 2.06 and a beta of 2.59. The firm's 50 day simple moving average is $89.45 and its two-hundred day simple moving average is $66.32. Credo Technology Group Holding Ltd. has a 12 month low of $23.86 and a 12 month high of $118.95.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Monday, June 2nd. The company reported $0.35 EPS 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 analysts' expectations of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The company's quarterly revenue was up 179.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.07 earnings per share. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CRDO shares. Needham & Company LLC increased their target price on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Wall Street Zen downgraded Credo Technology Group from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Finally, Susquehanna boosted their price target on Credo Technology Group from $90.00 to $115.00 and gave the company a "positive" rating in a report on Tuesday, July 22nd. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $87.91.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently made changes to their positions in the company. Fullcircle Wealth LLC acquired a new stake in Credo Technology Group in the 2nd quarter worth approximately $250,000. Bank of New York Mellon Corp lifted its position in shares of Credo Technology Group by 13.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 628,780 shares of the company's stock valued at $58,219,000 after buying an additional 76,681 shares in the last quarter. K.J. Harrison & Partners Inc acquired a new stake in shares of Credo Technology Group in the second quarter valued at about $926,000. Sigma Planning Corp raised its holdings in shares of Credo Technology Group by 36.6% during the second quarter. Sigma Planning Corp now owns 8,394 shares of the company's stock valued at $777,000 after acquiring an additional 2,247 shares during the last quarter. Finally, Redwood Wealth Management Group LLC acquired a new stake in shares of Credo Technology Group in the second quarter valued at about $366,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.

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