Credo Technology Group (NASDAQ:CRDO) CEO Sells 9,476 Shares

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CEO William Joseph Brennan sold 9,476 shares of the firm’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $139.54, for a total value of $1,322,281.04. Following the completion of the sale, the chief executive officer directly owned 270,641 shares of the company’s stock, valued at $37,765,245.14. This represents a 3.38% 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.

William Joseph Brennan also recently made the following trade(s):

• On Wednesday, January 7th, William Joseph Brennan sold 10,456 shares of Credo Technology Group stock. The stock was sold at an average price of $135.03, for a total value of $1,411,873.68.
• On Thursday, December 11th, William Joseph Brennan sold 50,000 shares of Credo Technology Group stock. The shares were sold at an average price of $153.16, for a total transaction of $7,658,000.00.
• On Thursday, December 11th, William Joseph Brennan sold 18,016 shares of Credo Technology Group stock. The shares were sold at an average price of $153.16, for a total value of $2,759,330.56.
• On Thursday, October 30th, William Joseph Brennan sold 50,000 shares of Credo Technology Group stock. The stock was sold at an average price of $171.23, for a total transaction of $8,561,500.00.
• On Thursday, October 30th, William Joseph Brennan sold 18,016 shares of Credo Technology Group stock. The stock was sold at an average price of $171.23, for a total transaction of $3,084,879.68.

Credo Technology Group Stock Up 6.2%

Shares of Credo Technology Group stock traded up $8.83 during trading on Friday, hitting $150.42. 7,505,978 shares of the stock traded hands, compared to its average volume of 7,470,149. The stock has a market cap of $27.17 billion, a price-to-earnings ratio of 131.95 and a beta of 2.66. Credo Technology Group Holding Ltd. has a 52 week low of $29.09 and a 52 week high of $213.80. The firm’s fifty day moving average is $155.03 and its 200-day moving average is $136.09.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. During the same period in the previous year, the firm posted $0.07 earnings per share. The firm’s revenue for the quarter was up 272.1% on a year-over-year basis. On average, analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CRDO shares. Stifel Nicolaus set a $160.00 price objective on Credo Technology Group in a research note on Wednesday, October 1st. New Street Research set a $240.00 price target on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, December 4th. JPMorgan Chase & Co. initiated coverage on shares of Credo Technology Group in a research note on Friday, October 17th. They set an “overweight” rating and a $165.00 price objective for the company. Finally, Wall Street Zen upgraded Credo Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Buy” and an average target price of $206.85.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. AQR Capital Management LLC grew its holdings in Credo Technology Group by 50.2% in the first quarter. AQR Capital Management LLC now owns 195,193 shares of the company’s stock worth $7,839,000 after purchasing an additional 65,236 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Credo Technology Group by 5.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,461 shares of the company’s stock valued at $3,392,000 after purchasing an additional 4,735 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of Credo Technology Group by 128.4% in the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after buying an additional 589,151 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after buying an additional 7,107 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.