Credo Technology Group (NASDAQ:CRDO) COO Sells $56,680,300.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) COO Yat Tung Lam sold 370,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total value of $56,680,300.00. Following the transaction, the chief operating officer directly owned 400,000 shares in the company, valued at approximately $61,276,000. This trade represents a 48.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Yat Tung Lam also recently made the following trade(s):

• On Wednesday, October 29th, Yat Tung Lam sold 80,000 shares of Credo Technology Group stock. The shares were sold at an average price of $169.27, for a total value of $13,541,600.00.
• On Wednesday, October 22nd, Yat Tung Lam sold 70,000 shares of Credo Technology Group stock. The shares were sold at an average price of $137.49, for a total transaction of $9,624,300.00.
• On Wednesday, October 1st, Yat Tung Lam sold 80,000 shares of Credo Technology Group stock. The stock was sold at an average price of $143.53, for a total transaction of $11,482,400.00.

Credo Technology Group Stock Performance

Credo Technology Group stock traded down $1.89 during midday trading on Monday, hitting $142.02. 5,561,056 shares of the company’s stock were exchanged, compared to its average volume of 5,561,060. The stock has a market cap of $25.65 billion, a price-to-earnings ratio of 124.58 and a beta of 2.63. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80. The firm’s 50 day simple moving average is $156.73 and its 200 day simple moving average is $127.67.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. The business’s quarterly revenue was up 272.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.07 earnings per share. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently added to or reduced their stakes in the business. Savant Capital LLC boosted its position in Credo Technology Group by 0.7% during the third quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock worth $1,444,000 after acquiring an additional 68 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Credo Technology Group by 16.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after purchasing an additional 77 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in shares of Credo Technology Group by 0.6% during the third quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock worth $2,298,000 after purchasing an additional 91 shares during the last quarter. Versant Capital Management Inc grew its position in shares of Credo Technology Group by 18.0% in the third quarter. Versant Capital Management Inc now owns 663 shares of the company’s stock valued at $97,000 after purchasing an additional 101 shares during the period. Finally, CIBC Private Wealth Group LLC increased its stake in Credo Technology Group by 14.8% in the third quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock valued at $125,000 after purchasing an additional 111 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of recent research reports. TD Cowen boosted their target price on Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Barclays boosted their price objective on shares of Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a research note on Tuesday, December 2nd. Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a research note on Tuesday, December 2nd. JPMorgan Chase & Co. assumed coverage on shares of Credo Technology Group in a report on Friday, October 17th. They issued an “overweight” rating and a $165.00 target price on the stock. Finally, Susquehanna boosted their price target on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, October 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $206.85.

About Credo Technology Group

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.