Insider Selling: Credo Technology Group (NASDAQ:CRDO) Director Sells $347,193.75 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Director Sylvia Acevedo sold 1,875 shares of the firm’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $185.17, for a total transaction of $347,193.75. Following the sale, the director owned 21,098 shares in the company, valued at approximately $3,906,716.66. This represents a 8.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Credo Technology Group Price Performance

NASDAQ CRDO traded down $8.65 during trading hours on Tuesday, reaching $170.29. The company’s stock had a trading volume of 4,866,141 shares, compared to its average volume of 5,529,944. The firm has a market capitalization of $30.76 billion, a price-to-earnings ratio of 149.38 and a beta of 2.63. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80. The company’s 50-day moving average is $155.87 and its two-hundred day moving average is $125.02.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The firm had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business’s revenue was up 272.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.07 EPS. Equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Analysts Set New Price Targets

CRDO has been the subject of several research analyst reports. TD Cowen upped their price target on shares of Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Cowen reissued a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Bank of America lifted their price target on Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Wall Street Zen upgraded Credo Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Finally, New Street Research set a $240.00 price objective on Credo Technology Group in a report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $206.85.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its position in Credo Technology Group by 36.5% during the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after purchasing an additional 1,739,844 shares during the last quarter. Bank of America Corp DE boosted its holdings in Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after purchasing an additional 1,406,752 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Credo Technology Group in the 1st quarter valued at approximately $52,636,000. Rafferty Asset Management LLC acquired a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $183,553,000. Finally, Alliancebernstein L.P. raised its position in shares of Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after buying an additional 1,218,504 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.