Insider Selling: Credo Technology Group (NASDAQ:CRDO) CEO Sells 50,000 Shares of Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $153.16, for a total value of $7,658,000.00. Following the completion of the sale, the chief executive officer directly owned 1,892,502 shares in the company, valued at approximately $289,855,606.32. The trade was a 2.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• 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 shares were sold at an average price of $171.23, for a total transaction of $3,084,879.68.
• On Tuesday, October 7th, William Joseph Brennan sold 9,476 shares of Credo Technology Group stock. The stock was sold at an average price of $140.06, for a total value of $1,327,208.56.
• On Tuesday, September 16th, William Joseph Brennan sold 50,000 shares of Credo Technology Group stock. The stock was sold at an average price of $164.11, for a total transaction of $8,205,500.00.
• On Tuesday, September 16th, William Joseph Brennan sold 18,016 shares of Credo Technology Group stock. The shares were sold at an average price of $164.11, for a total value of $2,956,605.76.

Credo Technology Group Trading Down 1.3%

CRDO stock traded down $1.89 during trading on Monday, hitting $142.02. 5,561,056 shares of the company’s stock were exchanged, compared to its average volume of 5,561,060. The business has a 50-day moving average price of $156.73 and a two-hundred day moving average price of $127.67. The stock has a market capitalization of $25.65 billion, a price-to-earnings ratio of 124.58 and a beta of 2.63. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $213.80.

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

Analyst Upgrades and Downgrades

CRDO has been the subject of several recent analyst reports. TD Cowen lifted their price target on Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. KGI Securities raised shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target for the company in a research report on Tuesday, December 2nd. Mizuho increased their price target on shares of Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 2nd. Barclays boosted their price objective on shares of Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a research note on Tuesday, December 2nd. Finally, Stifel Nicolaus set a $160.00 target price on Credo Technology Group in a research report on Wednesday, October 1st. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Buy” and an average target price of $206.85.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Savant Capital LLC raised its position in shares of Credo Technology Group by 0.7% in the 3rd quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock valued at $1,444,000 after purchasing an additional 68 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Credo Technology Group by 16.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after buying an additional 77 shares in the last quarter. Illinois Municipal Retirement Fund increased its stake in shares of Credo Technology Group by 0.6% in the third quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock worth $2,298,000 after buying an additional 91 shares during the last quarter. Versant Capital Management Inc raised its holdings in Credo Technology Group by 18.0% in the third quarter. Versant Capital Management Inc now owns 663 shares of the company’s stock valued at $97,000 after acquiring an additional 101 shares in the last quarter. Finally, CIBC Private Wealth Group LLC boosted its stake in Credo Technology Group by 14.8% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock valued at $125,000 after acquiring an additional 111 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.