Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells $596,723.05 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 15,281 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $39.05, for a total value of $596,723.05. Following the completion of the sale, the director now directly owns 1,748,444 shares of the company’s stock, valued at $68,276,738.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Lip Bu Tan also recently made the following trade(s):

• On Friday, October 11th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.16, for a total value of $3,816,000.00.
• On Wednesday, October 9th, Lip Bu Tan sold 125,000 shares of Credo Technology Group stock. The shares were sold at an average price of $35.18, for a total value of $4,397,500.00.
• On Monday, October 7th, Lip Bu Tan sold 143,046 shares of Credo Technology Group stock. The shares were sold at an average price of $32.29, for a total value of $4,618,955.34.
• On Friday, October 4th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.10, for a total value of $3,210,000.00.
• On Wednesday, October 2nd, Lip Bu Tan sold 150,000 shares of Credo Technology Group stock. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00.
• On Monday, September 30th, Lip Bu Tan sold 13,820 shares of Credo Technology Group stock. The stock was sold at an average price of $31.12, for a total value of $430,078.40.

Credo Technology Group Stock Up 1.7 %

Shares of NASDAQ:CRDO opened at $37.61 on Friday. The company has a market cap of $6.21 billion, a P/E ratio of -208.94 and a beta of 2.24. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $40.37. The business has a fifty day simple moving average of $31.47 and a 200-day simple moving average of $26.85.

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CRDO. Roth Mkm lifted their price objective on Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. The Goldman Sachs Group lifted their price objective on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Bank of America raised their price target on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. Stifel Nicolaus raised their price target on Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Mizuho raised their price target on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.44.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Swedbank AB increased its stake in Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after acquiring an additional 2,961,454 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Credo Technology Group during the fourth quarter worth about $35,224,000. Vanguard Group Inc. increased its stake in Credo Technology Group by 11.3% during 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. TimesSquare Capital Management LLC acquired a new stake in Credo Technology Group during the first quarter worth about $22,535,000. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in Credo Technology Group by 290.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock worth $25,096,000 after acquiring an additional 881,344 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.