Credo Technology Group (NASDAQ:CRDO) CFO Sells $1,863,770.40 in Stock

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

Credo Technology Group Stock Performance

Shares of CRDO opened at $226.74 on Thursday. The stock has a fifty day moving average of $231.43 and a two-hundred day moving average of $166.44. The company has a market capitalization of $42.28 billion, a PE ratio of 91.43, a price-to-earnings-growth ratio of 1.08 and a beta of 3.20. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.20 EPS. As a group, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Accel Wealth Management purchased a new position in shares of Credo Technology Group in the 2nd quarter worth about $383,000. Nolet Wealth Management LLC purchased a new stake in shares of Credo Technology Group during the 2nd quarter worth about $214,000. Generali Investments Management Co LLC purchased a new stake in shares of Credo Technology Group during the 2nd quarter worth about $695,000. Redhawk Wealth Advisors Inc. acquired a new stake in Credo Technology Group during the 2nd quarter worth approximately $243,000. Finally, Wealthcare Advisory Partners LLC increased its position in Credo Technology Group by 3.0% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 3,458 shares of the company’s stock worth $940,000 after purchasing an additional 101 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on CRDO shares. Needham & Company LLC lifted their price target on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a report on Monday, June 1st. The Goldman Sachs Group reiterated a “buy” rating and set a $250.00 price objective on shares of Credo Technology Group in a report on Tuesday, June 2nd. Mizuho raised their target price on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 2nd. Rosenblatt Securities boosted their target price on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Finally, Bank of America upped their price target on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $263.11.

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.