Credo Technology Group Holding Ltd (NASDAQ:CRDO) CEO Sells $334,650.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $22.31, for a total value of $334,650.00. Following the completion of the sale, the chief executive officer now directly owns 3,022,500 shares in the company, valued at approximately $67,431,975. 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, 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 value of $323,700.00.
• On Wednesday, March 13th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The stock was sold at an average price of $20.55, for a total value 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.
• On Thursday, February 1st, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The stock was sold at an average price of $20.44, for a total value of $306,600.00.
• On Tuesday, January 30th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.05, for a total value of $315,750.00.
• On Thursday, January 18th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The shares were sold at an average price of $19.31, for a total value of $289,650.00.

Credo Technology Group Stock Down 2.1 %

Shares of Credo Technology Group stock opened at $21.34 on Wednesday. The stock’s fifty day moving average is $21.51 and its two-hundred day moving average is $18.98. The company has a market capitalization of $3.48 billion, a PE ratio of -92.78 and a beta of 1.97. Credo Technology Group Holding Ltd has a 52 week low of $7.20 and a 52 week high of $23.90.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CRDO shares. The Goldman Sachs Group boosted their target price on Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. Needham & Company LLC boosted their target price on Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. TD Cowen boosted their target price on Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a research report on Wednesday, February 28th. Finally, Mizuho reissued a “buy” rating and set a $30.00 target price (up previously from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. One 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’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $23.00.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in CRDO. BlackRock Inc. lifted its holdings in shares of Credo Technology Group by 255.4% in the 3rd quarter. BlackRock Inc. now owns 12,750,435 shares of the company’s stock worth $140,255,000 after buying an additional 9,162,371 shares during the period. Capital Research Global Investors purchased a new stake in shares of Credo Technology Group in the 1st quarter worth $125,306,000. Vanguard Group Inc. lifted its holdings in shares of Credo Technology Group by 263.1% in the 3rd quarter. Vanguard Group Inc. now owns 6,940,826 shares of the company’s stock worth $76,349,000 after buying an additional 5,029,051 shares during the period. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Credo Technology Group during the 1st quarter worth $29,508,000. Finally, State Street Corp lifted its stake in shares of Credo Technology Group by 712.7% during the 3rd quarter. State Street Corp now owns 2,955,370 shares of the company’s stock worth $32,509,000 after purchasing an additional 2,591,741 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.