Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Sells 12,504 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming sold 12,504 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.48, for a total transaction of $606,193.92. Following the completion of the sale, the chief financial officer now directly owns 656,456 shares of the company’s stock, valued at $31,824,986.88. The trade was a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded up $22.89 during trading on Tuesday, reaching $70.69. 16,384,023 shares of the company’s stock traded hands, compared to its average volume of 2,341,238. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $72.30. The company has a 50 day moving average of $39.60 and a 200-day moving average of $32.37. The stock has a market capitalization of $11.74 billion, a P/E ratio of -441.19 and a beta of 2.26.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. Equities research analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Institutional Trading of Credo Technology Group

Institutional investors have recently made changes to their positions in the stock. Assetmark Inc. lifted its stake in Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after purchasing an additional 257 shares during the last quarter. Fifth Third Bancorp lifted its stake in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in Credo Technology Group by 11.3% during the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after purchasing an additional 478 shares during the last quarter. CWM LLC lifted its stake in Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares during the last quarter. Finally, US Bancorp DE lifted its stake in Credo Technology Group by 4.2% during the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after purchasing an additional 649 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CRDO. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the stock from $27.00 to $80.00 in a report on Tuesday. Roth Mkm increased their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Mizuho upped their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, Stifel Nicolaus restated a “buy” rating and set a $75.00 target price (up from $50.00) on shares of Credo Technology Group in a research report on Tuesday. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $63.56.

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.