Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells $4,397,500.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 125,000 shares of the firm’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $35.18, for a total value of $4,397,500.00. Following the completion of the sale, the director now directly owns 1,988,725 shares of the company’s stock, valued at $69,963,345.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Monday, October 7th, Lip Bu Tan sold 143,046 shares of Credo Technology Group stock. The stock was 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 shares were 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 shares were 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 shares were sold at an average price of $31.12, for a total value of $430,078.40.
• On Monday, July 15th, Lip Bu Tan sold 245,438 shares of Credo Technology Group stock. The shares were sold at an average price of $32.67, for a total value of $8,018,459.46.
• On Friday, July 12th, Lip Bu Tan sold 12,845 shares of Credo Technology Group stock. The shares were sold at an average price of $31.51, for a total value of $404,745.95.

Credo Technology Group Stock Up 2.7 %

Shares of CRDO stock opened at $38.26 on Friday. The business has a 50-day moving average price of $30.52 and a two-hundred day moving average price of $26.44. Credo Technology Group Holding Ltd has a 12-month low of $13.38 and a 12-month high of $39.00. The firm has a market cap of $6.32 billion, a P/E ratio of -212.56 and a beta of 2.24.

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

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. AMF Tjanstepension AB lifted its stake in shares of Credo Technology Group by 31.8% in the 1st quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock valued at $36,302,000 after acquiring an additional 413,149 shares during the last quarter. Thornburg Investment Management Inc. lifted its stake in shares of Credo Technology Group by 37.1% in the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock valued at $5,029,000 after acquiring an additional 64,177 shares during the last quarter. Capstone Investment Advisors LLC bought a new stake in shares of Credo Technology Group in the 1st quarter valued at about $2,732,000. Swiss National Bank lifted its stake in shares of Credo Technology Group by 14.7% in the 1st quarter. Swiss National Bank now owns 254,416 shares of the company’s stock valued at $5,391,000 after acquiring an additional 32,600 shares during the last quarter. Finally, Castleark Management LLC bought a new stake in shares of Credo Technology Group in the 1st quarter valued at about $3,876,000. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CRDO. Bank of America lifted their price target 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. 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 note on Friday, September 6th. Barclays lifted their price objective on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research note 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 note on Thursday, September 5th. Finally, Needham & Company LLC lifted their price objective 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. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $34.22.

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.