Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) Insider Sells 20,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) insider James Laufman sold 20,000 shares of the firm’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $31.36, for a total value of $627,200.00. Following the completion of the transaction, the insider now owns 302,466 shares in the company, valued at approximately $9,485,333.76. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Credo Technology Group Stock Down 1.9 %

Shares of NASDAQ CRDO traded down $0.60 during midday trading on Tuesday, hitting $30.20. The stock had a trading volume of 969,927 shares, compared to its average volume of 2,225,047. The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of -171.11 and a beta of 2.26. Credo Technology Group Holding Ltd has a 1-year low of $13.38 and a 1-year high of $36.80. The company has a fifty day moving average price of $29.50 and a 200 day moving average price of $25.68.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. On average, research analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Wellington Management Group LLP acquired a new position in Credo Technology Group in the 4th quarter worth about $35,224,000. Vanguard Group Inc. raised its stake in Credo Technology Group by 11.3% during the fourth quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock worth $272,414,000 after acquiring an additional 1,420,664 shares in the last quarter. TimesSquare Capital Management LLC bought a new stake in Credo Technology Group during the first quarter worth about $22,535,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Credo Technology Group by 290.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock worth $25,096,000 after acquiring an additional 881,344 shares during the last quarter. Finally, Westfield Capital Management Co. LP bought a new position in Credo Technology Group in the 1st quarter worth approximately $17,847,000. Institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CRDO shares. Stifel Nicolaus increased their price target on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Craig Hallum lifted their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Roth Mkm boosted their target price on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Barclays increased their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Finally, Bank of America upped their price objective on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $34.00.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP.