Credo Technology Group (NASDAQ:CRDO) CFO Daniel Fleming Sells 7,580 Shares

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CFO Daniel Fleming sold 7,580 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the sale, the chief financial officer directly owned 504,708 shares in the company, valued at $124,097,603.04. This trade represents a 1.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Credo Technology Group Trading Down 8.1%

NASDAQ CRDO opened at $236.88 on Tuesday. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The stock has a market cap of $44.17 billion, a PE ratio of 95.52, a P/E/G ratio of 1.18 and a beta of 3.20. The stock’s 50 day moving average is $230.01 and its 200 day moving average is $165.29.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company’s revenue was up 157.0% on a year-over-year basis. During the same period last year, the firm posted $0.20 EPS. On average, analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Bank of America lifted their price target on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a report on Tuesday, June 2nd. Rosenblatt Securities boosted their target price on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Finally, Jefferies Financial Group increased their price target on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $263.11.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently modified their holdings of CRDO. City Center Advisors LLC lifted its position in Credo Technology Group by 2.1% in the second quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock worth $706,000 after buying an additional 53 shares during the last quarter. Versant Capital Management Inc increased its position in Credo Technology Group by 8.0% during the second quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock valued at $205,000 after acquiring an additional 56 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Credo Technology Group by 16.2% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after acquiring an additional 77 shares during the period. QRG Capital Management Inc. raised its stake in shares of Credo Technology Group by 1.7% in the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock valued at $507,000 after acquiring an additional 91 shares during the period. Finally, Bank of Nova Scotia lifted its holdings in shares of Credo Technology Group by 1.6% in the 1st quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock worth $566,000 after acquiring an additional 92 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.