Credo Technology Group (NASDAQ:CRDO) COO Sells $10,315,000.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) COO Yat Lam sold 50,000 shares of Credo Technology Group stock in a transaction on Friday, September 25th. The stock was sold at an average price of $206.30, for a total value of $10,315,000.00. Following the sale, the chief operating officer directly owned 2,479,169 shares of the company’s stock, valued at approximately $511,452,564.70. This trade represents a 1.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Yat Tung Lam also recently made the following trade(s):

• On Friday, July 31st, Yat Lam sold 50,000 shares of Credo Technology Group stock. The shares were sold at an average price of $213.33, for a total value of $10,666,500.00.
• On Friday, July 31st, Yat Lam sold 55,441 shares of Credo Technology Group stock. The stock was sold at an average price of $213.02, for a total value of $11,810,041.82.

Credo Technology Group Trading Up 7.9%

Credo Technology Group stock opened at $210.17 on Friday. The firm has a market capitalization of $39.50 billion, a P/E ratio of 74.79, a PEG ratio of 0.78 and a beta of 3.25. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The business has a 50-day moving average of $207.10 and a 200-day moving average of $197.87.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The company had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $473.30 million. During the same period in the prior year, the business posted $0.52 EPS. Credo Technology Group’s revenue was up 114.7% on a year-over-year basis. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Key Credo Technology Group News

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Credo’s connectivity products are positioned to benefit from the next phase of AI infrastructure spending, particularly the wiring and networking components needed to link massive data-center clusters. The company recently delivered triple-digit year-over-year revenue growth, supporting the bullish investment case. AI Spending Is Entering Its Next Phase
• Positive Sentiment: Recent analysis highlights Credo’s strong AI-data-center growth, relationships with large hyperscale customers and expansion into optical solutions, including its 224G-based 1.6T optical transceiver. These developments could support continued revenue momentum and help stabilize profitability. Credo: Opportunity Is Knocking
• Positive Sentiment: Analyst coverage remains broadly favorable. Credo has a “Moderate Buy” consensus rating, with an average price target of $264.89; several firms have raised targets to between $270 and $300. Credo Stock Rated Moderate Buy
• Positive Sentiment: Momentum-focused coverage points to continued investor interest following Credo’s latest earnings report, in which revenue rose 114.7% year over year to $479 million and earnings exceeded consensus expectations. Why Credo Is a Strong Momentum Stock
• Neutral Sentiment: CTO Chi Cheng sold 27,500 shares worth approximately $5.3 million under a pre-arranged Rule 10b5-1 plan, reducing his stake by just 0.48%. The planned nature and relatively small percentage of the holding limit the negative signal. SEC Insider Sale Filing
• Negative Sentiment: CEO and COO share sales add some pressure to sentiment, while Credo’s elevated valuation and high volatility leave the stock vulnerable if AI spending or growth expectations weaken. Credo CEO Sells Company Shares

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CRDO shares. Wall Street Zen cut shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Rosenblatt Securities lifted their target price on Credo Technology Group from $215.00 to $235.00 and gave the stock a “neutral” rating in a report on Wednesday, September 2nd. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, September 18th. Finally, Mizuho decreased their target price on Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating for the company in a research note on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $264.89.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently made changes to their positions in the stock. California State Teachers Retirement System lifted its position in Credo Technology Group by 2.2% during the 1st quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after buying an additional 5,113 shares in the last quarter. Corsair Capital Management L.P. acquired a new position in shares of Credo Technology Group during the 1st quarter worth about $469,000. Lazard Asset Management LLC grew its holdings in shares of Credo Technology Group by 55.6% in the 1st quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock valued at $6,294,000 after acquiring an additional 23,949 shares in the last quarter. Quantinno Capital Management LP grew its holdings in shares of Credo Technology Group by 68.4% in the 1st quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock valued at $3,203,000 after acquiring an additional 13,859 shares in the last quarter. Finally, Estuary Capital Management LP increased its position in shares of Credo Technology Group by 87.4% in the first quarter. Estuary Capital Management LP now owns 412,227 shares of the company’s stock valued at $38,696,000 after acquiring an additional 192,218 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.

The company’s product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.