Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Director Sells $4,690,174.86 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDOGet Free Report) Director Lip Bu Tan sold 54,297 shares of the firm’s stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $86.38, for a total value of $4,690,174.86. Following the completion of the transaction, the director now owns 559,428 shares of the company’s stock, valued at approximately $48,323,390.64. This represents a 8.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 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 Trading Down 0.1%

Shares of NASDAQ:CRDO opened at $85.51 on Monday. The firm has a market cap of $14.52 billion, a price-to-earnings ratio of 316.70, a PEG ratio of 1.53 and a beta of 2.42. The stock’s 50-day moving average price is $58.05 and its two-hundred day moving average price is $60.20. Credo Technology Group Holding Ltd. has a 12-month low of $22.50 and a 12-month high of $86.88.

Credo Technology Group (NASDAQ:CRDOGet Free Report) last released its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 9.15%. The business had revenue of $170.00 million for the quarter, compared to analysts’ expectations of $159.59 million. During the same period last year, the company earned $0.07 earnings per share. The company’s quarterly revenue was up 179.6% on a year-over-year basis. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Credo Technology Group in the 4th quarter worth $117,242,000. Nuveen LLC acquired a new stake in Credo Technology Group during the first quarter worth about $52,636,000. Alliancebernstein L.P. raised its holdings in shares of Credo Technology Group by 299.9% in the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock worth $117,011,000 after purchasing an additional 1,305,594 shares during the period. Polar Capital Holdings Plc lifted its stake in shares of Credo Technology Group by 382.1% in the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock valued at $97,527,000 after purchasing an additional 1,150,084 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Credo Technology Group by 441.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock worth $65,594,000 after purchasing an additional 795,751 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. TD Cowen upped their target price on Credo Technology Group from $85.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, June 18th. Susquehanna restated a “positive” rating and issued a $90.00 price objective (up from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Stifel Nicolaus lifted their price objective on Credo Technology Group from $69.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. Bank of America cut 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 research note on Wednesday, March 5th. Finally, Roth Capital set a $95.00 price target on shares of Credo Technology Group and gave the stock a “buy” rating in a research note on Friday, June 13th. Twelve analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $81.00.

Read Our Latest Stock Analysis on Credo Technology Group

About Credo Technology Group

(Get Free Report)

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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Insider Buying and Selling by Quarter for Credo Technology Group (NASDAQ:CRDO)

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