Insider Selling: Credo Technology Group (NASDAQ:CRDO) Director Sells 2,200 Shares of Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Director Sylvia Acevedo sold 2,200 shares of Credo Technology Group stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total transaction of $350,196.00. Following the completion of the transaction, the director owned 18,545 shares in the company, valued at approximately $2,951,993.10. This trade represents a 10.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Sylvia Acevedo also recently made the following trade(s):

• On Friday, December 5th, Sylvia Acevedo sold 1,875 shares of Credo Technology Group stock. The stock was sold at an average price of $185.17, for a total value of $347,193.75.

Credo Technology Group Stock Performance

Credo Technology Group stock traded down $7.72 during midday trading on Thursday, reaching $149.12. The stock had a trading volume of 5,659,573 shares, compared to its average volume of 6,466,084. The stock’s 50-day simple moving average is $153.41 and its 200 day simple moving average is $138.22. Credo Technology Group Holding Ltd. has a twelve month low of $29.09 and a twelve month high of $213.80. The stock has a market capitalization of $26.94 billion, a PE ratio of 130.81 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.49 by $0.18. The company had revenue of $268.03 million during the quarter, compared to analyst estimates 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 revenue was up 272.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.07 earnings per share. Equities analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Savant Capital LLC increased 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 worth $1,444,000 after purchasing an additional 68 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted 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 purchasing an additional 77 shares during the last quarter. Illinois Municipal Retirement Fund grew its stake in 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 purchasing an additional 91 shares in the last quarter. Versant Capital Management Inc increased 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 buying an additional 101 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its stake in Credo Technology Group by 14.8% during the third quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock valued at $125,000 after buying an additional 111 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CRDO has been the subject of several recent research reports. New Street Research set a $240.00 price objective on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Roth Capital boosted their price target on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Wolfe Research set a $240.00 price target on Credo Technology Group in a report on Tuesday, December 2nd. 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 on the stock. Finally, Mizuho upped their target price on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $220.42.

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.