Credo Technology Group Holding Ltd (NASDAQ:CRDO) CEO Sells $257,250.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CEO William Joseph Brennan sold 15,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $17.15, for a total transaction of $257,250.00. Following the transaction, the chief executive officer now directly owns 2,962,500 shares of the company’s stock, valued at approximately $50,806,875. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

William Joseph Brennan also recently made the following trade(s):

• On Wednesday, April 17th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The shares were sold at an average price of $19.16, for a total value of $287,400.00.
• On Thursday, April 4th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The shares were sold at an average price of $22.31, for a total value of $334,650.00.
• On Wednesday, March 27th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.58, for a total transaction of $323,700.00.
• On Wednesday, March 13th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.55, for a total transaction of $308,250.00.
• On Thursday, February 15th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The stock was sold at an average price of $22.39, for a total value of $335,850.00.

Credo Technology Group Stock Down 0.7 %

Shares of NASDAQ:CRDO opened at $17.18 on Monday. Credo Technology Group Holding Ltd has a 12 month low of $7.20 and a 12 month high of $23.90. The company’s 50-day moving average price is $20.36 and its two-hundred day moving average price is $19.35. The firm has a market cap of $2.81 billion, a P/E ratio of -74.70 and a beta of 2.03.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The firm had revenue of $53.06 million for the quarter, compared to analyst estimates of $51.91 million. During the same quarter in the prior year, the firm earned $0.02 EPS. The company’s revenue was down 2.2% on a year-over-year basis. As a group, equities analysts predict that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the business. Carnegie Capital Asset Management LLC grew its stake in shares of Credo Technology Group by 19.4% during the fourth quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock worth $5,714,000 after purchasing an additional 47,650 shares during the period. CloudAlpha Capital Management Limited Hong Kong bought a new position in Credo Technology Group during the third quarter worth about $2,028,000. Vanguard Group Inc. grew its position in shares of Credo Technology Group by 31.3% during the 3rd quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock worth $191,705,000 after buying an additional 2,993,303 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Credo Technology Group by 17.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after acquiring an additional 1,299,600 shares during the last quarter. Finally, Moody Aldrich Partners LLC raised its position in shares of Credo Technology Group by 67.8% in the 4th quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock valued at $3,947,000 after acquiring an additional 81,904 shares during the period. 80.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. TD Cowen raised their price objective on Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 28th. Mizuho reiterated a “buy” rating and set a $30.00 price target (up previously from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Craig Hallum lifted their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Finally, Needham & Company LLC lifted their price target on shares of Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.25.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.