James Laufman Sells 5,000 Shares of Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) insider James Laufman sold 5,000 shares of the business’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $185.00, for a total value of $925,000.00. Following the transaction, the insider directly owned 169,223 shares of the company’s stock, valued at approximately $31,306,255. This represents a 2.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Credo Technology Group Stock Up 0.7%

Credo Technology Group stock traded up $1.31 during trading on Wednesday, reaching $193.87. The stock had a trading volume of 7,787,171 shares, compared to its average volume of 7,495,888. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67. The stock has a market cap of $36.44 billion, a PE ratio of 68.99, a P/E/G ratio of 0.75 and a beta of 3.22. The business has a 50 day moving average price of $210.05 and a 200 day moving average price of $193.70.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The company had revenue of $479.00 million for the quarter, compared to the consensus estimate of $473.30 million. During the same period in the prior year, the firm posted $0.52 EPS. The company’s quarterly revenue was up 114.7% compared to the same quarter last year. On average, equities analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Institutional Trading of Credo Technology Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in Credo Technology Group by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after purchasing an additional 184,676 shares during the period. Corient Private Wealth LLC raised its holdings in shares of Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after buying an additional 3,597,318 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Credo Technology Group by 13.7% in the second quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock valued at $593,603,000 after buying an additional 262,479 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Credo Technology Group by 11.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,021,020 shares of the company’s stock worth $290,805,000 after buying an additional 203,462 shares during the period. Finally, Barclays PLC lifted its position in Credo Technology Group by 33.8% during the 4th quarter. Barclays PLC now owns 1,448,004 shares of the company’s stock worth $208,353,000 after acquiring an additional 365,923 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CRDO. Rosenblatt Securities upped their price target on Credo Technology Group from $215.00 to $235.00 and gave the company a “neutral” rating in a report on Wednesday, September 2nd. Susquehanna boosted their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Roth Capital raised their price objective on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Wall Street Zen cut Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Barclays boosted their target price on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $264.89.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.