Credo Technology Group (NASDAQ:CRDO) CFO Daniel Fleming Sells 3,902 Shares of Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CFO Daniel Fleming sold 3,902 shares of the company’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $140.15, for a total value of $546,865.30. Following the sale, the chief financial officer owned 446,178 shares of the company’s stock, valued at $62,531,846.70. This trade represents a 0.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Credo Technology Group Stock Performance

CRDO traded up $8.83 during mid-day trading on Friday, reaching $150.42. 7,505,978 shares of the stock were exchanged, compared to its average volume of 7,470,149. Credo Technology Group Holding Ltd. has a 1 year low of $29.09 and a 1 year high of $213.80. The stock has a market capitalization of $27.17 billion, a PE ratio of 131.95 and a beta of 2.66. The company has a 50 day moving average price of $155.03 and a two-hundred day moving average price of $136.09.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating 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 company had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. During the same quarter in the prior year, the company posted $0.07 earnings per share. The firm’s revenue for the quarter was up 272.1% on a year-over-year basis. Sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on CRDO. TD Cowen boosted their price objective on Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Cowen reissued a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. New Street Research set a $240.00 price objective on shares of Credo Technology Group in a report on Tuesday, December 2nd. Bank of America lifted their price objective on shares of Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Finally, Susquehanna lifted their price target on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a report on Wednesday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $206.85.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC increased its stake in Credo Technology Group by 960.8% in the fourth quarter. SG Americas Securities LLC now owns 252,855 shares of the company’s stock valued at $36,383,000 after acquiring an additional 229,018 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Credo Technology Group in the 4th quarter worth approximately $564,000. Diversified Trust Co. lifted its position in Credo Technology Group by 1.7% in the 4th quarter. Diversified Trust Co. now owns 18,151 shares of the company’s stock worth $2,612,000 after buying an additional 295 shares during the last quarter. Nordea Investment Management AB purchased a new stake in Credo Technology Group in the fourth quarter worth approximately $2,084,000. Finally, Aventura Private Wealth LLC bought a new position in Credo Technology Group during the fourth quarter valued at approximately $336,000. 80.46% of the stock is currently owned by institutional investors.

About Credo Technology Group

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.