Daniel W. Fleming Sells 108,790 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming sold 108,790 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $31.10, for a total value of $3,383,369.00. Following the completion of the transaction, the chief financial officer now directly owns 676,386 shares of the company’s stock, valued at approximately $21,035,604.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock traded up $0.47 on Wednesday, reaching $30.43. 1,714,965 shares of the company were exchanged, compared to its average volume of 2,225,778. The company’s 50-day moving average is $29.49 and its two-hundred day moving average is $25.76. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of -166.44 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.

Credo Technology Group (NASDAQ:CRDO) last posted 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). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The business had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. As a group, sell-side analysts forecast that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Roth Mkm increased their target price on Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Needham & Company LLC increased their target price on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. The Goldman Sachs Group increased their target price on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Stifel Nicolaus increased their target price on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Finally, Bank of America increased their target price on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $34.00.

Institutional Trading of Credo Technology Group

Several large investors have recently added to or reduced their stakes in CRDO. Ghisallo Capital Management LLC acquired a new stake in Credo Technology Group in the 4th quarter valued at approximately $9,735,000. Wellington Management Group LLP bought a new position in Credo Technology Group during the 4th quarter valued at $35,224,000. Vanguard Group Inc. boosted its stake in Credo Technology Group by 11.3% during the 4th quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock valued at $272,414,000 after purchasing an additional 1,420,664 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in Credo Technology Group during the 1st quarter valued at $97,000. Finally, Counterpoint Mutual Funds LLC bought a new position in Credo Technology Group during the 1st quarter valued at $276,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

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.