Credo Technology Group (NASDAQ:CRDO) CEO Sells $2,914,383.42 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CEO William Brennan sold 16,666 shares of the stock in a transaction dated Monday, October 19th. The shares were sold at an average price of $174.87, for a total transaction of $2,914,383.42. Following the completion of the transaction, the chief executive officer owned 1,584,164 shares of the company’s stock, valued at $277,022,758.68. This represents a 1.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

William Joseph Brennan also recently made the following trade(s):

• On Monday, September 14th, William Brennan sold 16,672 shares of Credo Technology Group stock. The shares were sold at an average price of $151.88, for a total transaction of $2,532,143.36.

Credo Technology Group Stock Up 6.3%

Credo Technology Group stock traded up $10.77 during trading hours on Wednesday, hitting $182.28. 7,173,577 shares of the company traded hands, compared to its average volume of 7,585,250. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67. The firm has a market cap of $34.26 billion, a P/E ratio of 64.87, a P/E/G ratio of 0.69 and a beta of 3.25. The firm’s 50-day simple moving average is $201.57 and its two-hundred day simple moving average is $206.74.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data 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 net margin of 33.83% and a return on equity of 28.77%. The business had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. During the same quarter last year, the business earned $0.52 earnings per share. The business’s revenue for the quarter was up 114.7% on a year-over-year basis. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Institutional Trading of Credo Technology Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE boosted its stake in Credo Technology Group by 13.7% in the 2nd quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock worth $593,603,000 after purchasing an additional 262,479 shares during the period. Atreides Management LP increased its position in Credo Technology Group by 3.5% in the 2nd quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock worth $307,109,000 after purchasing an additional 38,052 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Credo Technology Group by 192.1% during the first quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock valued at $98,290,000 after acquiring an additional 688,596 shares in the last quarter. Value Aligned Research Advisors LLC acquired a new stake in shares of Credo Technology Group in the 2nd quarter valued at $91,919,000. Finally, Zevenbergen Capital Investments LLC increased its holdings in shares of Credo Technology Group by 4.9% during the 3rd quarter. Zevenbergen Capital Investments LLC now owns 418,991 shares of the company’s stock valued at $81,615,000 after acquiring an additional 19,685 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CRDO shares. Rosenblatt Securities reaffirmed a “neutral” rating and set a $235.00 target price on shares of Credo Technology Group in a report on Thursday, October 15th. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Bank of America dropped their target price on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a report on Wednesday, September 2nd. Weiss Ratings lowered shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, October 6th. Finally, Stifel Nicolaus reduced their target price on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $262.67.

About Credo Technology Group

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.