Insider Selling: Credo Technology Group (NASDAQ:CRDO) Director Sells $350,196.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Director Sylvia Acevedo sold 2,200 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total value of $350,196.00. Following the completion of the sale, the director directly owned 18,545 shares in the company, valued at $2,951,993.10. This represents a 10.60% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed 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 Down 4.9%

CRDO stock traded down $7.72 on Thursday, reaching $149.12. 5,659,573 shares of the company’s stock were exchanged, compared to its average volume of 6,466,084. The stock has a fifty day moving average of $153.41 and a 200-day moving average of $138.22. The firm has a market cap of $26.94 billion, a PE ratio of 130.81 and a beta of 2.66. Credo Technology Group Holding Ltd. has a twelve month low of $29.09 and a twelve month high of $213.80.

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

Institutional Investors Weigh In On Credo Technology Group

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRDO. 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 for the company. KGI Securities upgraded 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a research report on Monday, December 29th. TD Cowen raised their target price on shares of Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Finally, Susquehanna upped their price target on shares of Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a report on Wednesday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Buy” and a consensus target price of $220.42.

Credo Technology Group Company Profile

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.