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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming sold 108,790 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $31.10, for a total transaction of $3,383,369.00. Following the completion of the transaction, the chief financial officer now owns 676,386 shares of the company’s stock, valued at $21,035,604.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $30.89 on Friday. The stock has a market cap of $5.10 billion, a price-to-earnings ratio of -171.61 and a beta of 2.24. The business has a 50 day simple moving average of $29.56 and a 200 day simple moving average of $25.83. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $36.80.

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

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Credo Technology Group by 4.7% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,239,479 shares of the company’s stock valued at $39,589,000 after acquiring an additional 55,135 shares in the last quarter. Algert Global LLC acquired a new position in Credo Technology Group during the second quarter valued at approximately $622,000. Driehaus Capital Management LLC raised its position in shares of Credo Technology Group by 3.1% in the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock valued at $121,097,000 after purchasing an additional 115,271 shares during the period. Scientech Research LLC acquired a new stake in shares of Credo Technology Group in the second quarter worth $1,297,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Credo Technology Group by 27.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,697,723 shares of the company’s stock worth $54,225,000 after buying an additional 362,634 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on CRDO. Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. The Goldman Sachs Group lifted their price target on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Friday, September 6th. Barclays increased their price objective on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Needham & Company LLC lifted their target price on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Finally, TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. One equities research 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, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus price target of $34.00.

About Credo Technology Group

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.