Credo Technology Group (NASDAQ:CRDO) CEO Sells 50,000 Shares

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Wednesday, March 11th, William Joseph Brennan sold 18,016 shares of Credo Technology Group stock. The shares were sold at an average price of $117.68, for a total value of $2,120,122.88.
• On Thursday, January 29th, William Joseph Brennan sold 50,000 shares of Credo Technology Group stock. The stock was sold at an average price of $127.69, for a total value of $6,384,500.00.
• On Thursday, January 29th, William Joseph Brennan sold 18,016 shares of Credo Technology Group stock. The shares were sold at an average price of $127.69, for a total value of $2,300,463.04.
• On Thursday, January 8th, William Joseph Brennan sold 9,476 shares of Credo Technology Group stock. The shares were sold at an average price of $139.54, for a total value of $1,322,281.04.
• 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.

Credo Technology Group Trading Up 5.5%

Credo Technology Group stock traded up $6.12 on Friday, hitting $117.69. 4,456,006 shares of the stock traded hands, compared to its average volume of 7,128,742. Credo Technology Group Holding Ltd. has a 1 year low of $29.09 and a 1 year high of $213.80. The firm has a market cap of $21.71 billion, a P/E ratio of 65.38 and a beta of 2.67. The business’s fifty day simple moving average is $127.26 and its 200 day simple moving average is $143.02.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. During the same period in the prior year, the firm earned $0.25 EPS. The company’s revenue was up 201.5% compared to the same quarter last year. As a group, analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Atlantic Union Bankshares Corp purchased a new stake in shares of Credo Technology Group in the third quarter worth about $25,000. Crewe Advisors LLC increased its position in Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after purchasing an additional 106 shares during the last quarter. Reflection Asset Management bought a new stake in Credo Technology Group in the fourth quarter worth $25,000. Acumen Wealth Advisors LLC bought a new position in shares of Credo Technology Group in the 4th quarter valued at about $25,000. Finally, First Horizon Corp purchased a new position in Credo Technology Group in the third quarter worth about $26,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Ratings Changes

CRDO has been the topic of a number of analyst reports. Susquehanna dropped their price target on Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research report on Tuesday, March 3rd. KGI Securities raised Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 target price for the company in a research report on Tuesday, December 2nd. New Street Research set a $240.00 target price on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Finally, Craig Hallum reiterated a “buy” rating and set a $200.00 price objective on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of “Buy” and a consensus target price of $206.33.

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.