Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming Sells 108,790 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming sold 108,790 shares of Credo Technology Group stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $31.10, for a total transaction of $3,383,369.00. Following the sale, the chief financial officer now directly owns 676,386 shares in the company, valued at approximately $21,035,604.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Credo Technology Group Stock Performance

Shares of CRDO opened at $32.57 on Friday. The company’s 50-day simple moving average is $29.64 and its 200-day simple moving average is $25.92. Credo Technology Group Holding Ltd has a 1 year low of $13.38 and a 1 year high of $36.80. The stock has a market capitalization of $5.38 billion, a PE ratio of -180.94 and a beta of 2.24.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Ghisallo Capital Management LLC acquired a new stake in Credo Technology Group in the 4th quarter valued at about $9,735,000. Wellington Management Group LLP acquired a new stake in Credo Technology Group in the fourth quarter valued at approximately $35,224,000. Vanguard Group Inc. lifted its stake in Credo Technology Group by 11.3% in the fourth quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock worth $272,414,000 after acquiring an additional 1,420,664 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in Credo Technology Group during the 1st quarter worth approximately $97,000. Finally, Counterpoint Mutual Funds LLC purchased a new stake in shares of Credo Technology Group in the 1st quarter valued at approximately $276,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CRDO. Craig Hallum raised their target price on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Stifel Nicolaus raised their price objective on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Bank of America upped their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research report on Thursday, September 5th. Barclays lifted their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Finally, Roth Mkm upped their price objective on shares of Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.00.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.