Credo Technology Group (NASDAQ:CRDO) Insider James Laufman Sells 10,000 Shares

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) insider James Laufman sold 10,000 shares of the stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of $150.00, for a total transaction of $1,500,000.00. Following the completion of the transaction, the insider directly owned 214,905 shares in the company, valued at $32,235,750. The trade was a 4.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded down $0.75 during trading hours on Monday, hitting $144.08. The company’s stock had a trading volume of 1,958,648 shares, compared to its average volume of 5,518,659. The business has a 50-day simple moving average of $157.40 and a 200-day simple moving average of $132.99. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $213.80. The stock has a market cap of $26.03 billion, a price-to-earnings ratio of 126.39 and a beta of 2.63.

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

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Credo Technology Group by 0.9% in the third quarter. Vanguard Group Inc. now owns 16,525,380 shares of the company’s stock worth $2,406,261,000 after purchasing an additional 150,012 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Credo Technology Group by 18.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock valued at $1,121,118,000 after buying an additional 1,190,522 shares during the period. Geode Capital Management LLC grew its holdings in shares of Credo Technology Group by 4.7% during the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock valued at $334,740,000 after acquiring an additional 163,305 shares in the last quarter. Swedbank AB grew its holdings in shares of Credo Technology Group by 29.5% during the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock valued at $129,280,000 after acquiring an additional 733,811 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its position in Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Wolfe Research set a $240.00 price target on Credo Technology Group in a report on Tuesday, December 2nd. William Blair assumed coverage on shares of Credo Technology Group in a research report on Thursday, September 18th. They issued an “outperform” rating for the company. Cowen reissued a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Roth Capital upped their price target on shares of Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Finally, JPMorgan Chase & Co. began coverage on Credo Technology Group in a report on Friday, October 17th. They issued an “overweight” rating and a $165.00 price objective on the stock. 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. According to MarketBeat, Credo Technology Group presently has a consensus rating of “Buy” and a consensus target price of $206.85.

Credo Technology Group Company Profile

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.