Credo Technology Group Holding Ltd (NASDAQ:CRDO) Insider James Laufman Sells 20,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) insider James Laufman sold 20,000 shares of Credo Technology Group stock in a transaction on Friday, September 27th. The shares were sold at an average price of $31.36, for a total value of $627,200.00. Following the completion of the sale, the insider now directly owns 302,466 shares of the company’s stock, valued at approximately $9,485,333.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Credo Technology Group Trading Up 1.5 %

CRDO stock opened at $30.89 on Friday. The stock has a 50-day moving average price of $29.56 and a two-hundred day moving average price of $25.83. Credo Technology Group Holding Ltd has a 12-month low of $13.38 and a 12-month high of $36.80. The company has a market cap of $5.10 billion, a PE ratio of -171.61 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Equities analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently modified their holdings of CRDO. Ghisallo Capital Management LLC purchased a new stake in shares of Credo Technology Group in the fourth quarter worth about $9,735,000. Wellington Management Group LLP purchased a new stake in shares of Credo Technology Group in the fourth quarter worth about $35,224,000. Vanguard Group Inc. boosted its position in shares of 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 buying an additional 1,420,664 shares during the period. Banque Cantonale Vaudoise acquired a new position in shares of Credo Technology Group in the first quarter worth about $97,000. Finally, Counterpoint Mutual Funds LLC acquired a new position in shares of Credo Technology Group in the first quarter worth about $276,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. The Goldman Sachs Group lifted their price objective on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Roth Mkm lifted their price objective on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Craig Hallum lifted their price objective on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Bank of America lifted their price objective on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research report on Thursday, September 5th. Finally, TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock 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.