Credo Technology Group (NASDAQ:CRDO) Insider Sells $1,500,000.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) insider James Laufman sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, December 24th. The shares were sold at an average price of $150.00, for a total value of $1,500,000.00. Following the completion of the transaction, the insider owned 214,905 shares of the company’s stock, valued at approximately $32,235,750. The trade was a 4.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Credo Technology Group Trading Down 0.5%

CRDO traded down $0.75 on Monday, reaching $144.08. The company had a trading volume of 1,958,648 shares, compared to its average volume of 5,518,659. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $213.80. The company has a market capitalization of $26.03 billion, a P/E ratio of 126.39 and a beta of 2.63. The company has a fifty day moving average of $157.40 and a 200-day moving average of $132.99.

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

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors have recently made changes to their positions in the business. California Public Employees Retirement System raised its holdings in shares of Credo Technology Group by 17.2% in the second quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock valued at $23,848,000 after purchasing an additional 37,772 shares during the last quarter. Thompson Davis & CO. Inc. bought a new position in shares of Credo Technology Group during the 2nd quarter worth approximately $382,000. Realta Investment Advisors purchased a new position in shares of Credo Technology Group in the 2nd quarter worth approximately $300,000. Ethic Inc. grew its holdings in shares of Credo Technology Group by 35.5% in the second quarter. Ethic Inc. now owns 7,142 shares of the company’s stock valued at $668,000 after acquiring an additional 1,873 shares in the last quarter. Finally, Convergence Investment Partners LLC purchased a new stake in shares of Credo Technology Group during the second quarter valued at approximately $2,577,000. Institutional investors own 80.46% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on CRDO. Stifel Nicolaus set a $160.00 target price on Credo Technology Group in a research note on Wednesday, October 1st. Bank of America boosted their target price on Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a 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 note on Thursday, December 4th. JPMorgan Chase & Co. started coverage on Credo Technology Group in a research note on Friday, October 17th. They issued an “overweight” rating and a $165.00 price objective on the stock. Finally, Mizuho increased their price target on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $206.85.

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.