Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Director Sells $7,261,600.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Director Lip Bu Tan sold 80,000 shares of the company’s stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $90.77, for a total transaction of $7,261,600.00. Following the completion of the transaction, the director now directly owns 479,428 shares of the company’s stock, valued at $43,517,679.56. This represents a 14.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

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 stock was sold at an average price of $93.22, for a total transaction 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 transaction of $4,690,174.86.
• 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 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 stock was 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 Price Performance

Credo Technology Group stock opened at $93.49 on Friday. Credo Technology Group Holding Ltd. has a 1-year low of $22.50 and a 1-year high of $95.71. The firm has a market capitalization of $15.87 billion, a P/E ratio of 346.26, a price-to-earnings-growth ratio of 1.68 and a beta of 2.42. The company’s 50-day moving average is $63.42 and its 200 day moving average is $61.03.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. During the same period in the prior year, the company posted $0.07 EPS. The firm’s revenue for the quarter was up 179.6% on a year-over-year basis. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on CRDO. Noble Financial upgraded shares of Credo Technology Group to a “strong-buy” rating in a research note on Tuesday, June 3rd. Susquehanna reiterated a “positive” rating and issued a $90.00 price target (up previously from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Barclays set a $85.00 price target on shares of Credo Technology Group and gave the stock an “overweight” rating in a research note on Tuesday, June 3rd. 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. Finally, Needham & Company LLC boosted their price target on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd. Twelve research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from 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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Norges Bank purchased a new stake in Credo Technology Group in the 4th quarter worth about $117,242,000. Nuveen LLC purchased a new position in shares of Credo Technology Group during the first quarter worth approximately $52,636,000. Alliancebernstein L.P. increased its position in shares of Credo Technology Group by 299.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock worth $117,011,000 after acquiring an additional 1,305,594 shares during the period. Polar Capital Holdings Plc increased its position in shares of Credo Technology Group by 382.1% during the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock worth $97,527,000 after acquiring an additional 1,150,084 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Credo Technology Group by 441.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock worth $65,594,000 after acquiring an additional 795,751 shares during the period. 80.46% of the stock is 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.