Credo Technology Group (NASDAQ:CRDO) COO Sells $11,810,041.82 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) COO Yat Tung Lam sold 55,441 shares of Credo Technology Group stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the sale, the chief operating officer directly owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. The trade was a 2.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 Tung Lam sold 50,000 shares of Credo Technology Group stock. The stock was sold at an average price of $213.33, for a total value of $10,666,500.00.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded up $19.57 during midday trading on Tuesday, reaching $237.92. 6,932,918 shares of the company’s stock were exchanged, compared to its average volume of 7,597,560. The firm’s 50 day simple moving average is $236.60 and its two-hundred day simple moving average is $172.35. The stock has a market cap of $44.37 billion, a price-to-earnings ratio of 95.94, a P/E/G ratio of 0.95 and a beta of 3.23. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.14. The firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. Credo Technology Group’s revenue was up 157.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.20 EPS. Equities research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Accel Wealth Management acquired a new position in shares of Credo Technology Group in the second quarter worth $383,000. Nolet Wealth Management LLC acquired a new stake in shares of Credo Technology Group in the second quarter valued at $214,000. Generali Investments Management Co LLC acquired a new stake in shares of Credo Technology Group in the second quarter valued at $695,000. Redhawk Wealth Advisors Inc. purchased a new position in Credo Technology Group in the second quarter valued at $243,000. Finally, Wealthcare Advisory Partners LLC boosted its holdings in Credo Technology Group by 3.0% in the second quarter. Wealthcare Advisory Partners LLC now owns 3,458 shares of the company’s stock valued at $940,000 after purchasing an additional 101 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CRDO shares. Susquehanna increased their price objective on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. Roth Capital boosted their target price on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Mizuho upped their price target on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 2nd. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Finally, Bank of America lifted their price objective on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $266.17.

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.