Daniel W. Fleming Sells 3,790 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $77.35, for a total transaction of $293,156.50. Following the sale, the chief financial officer now owns 602,352 shares in the company, valued at $46,591,927.20. This trade represents a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO traded down $1.87 during midday trading on Monday, reaching $71.09. 6,543,002 shares of the stock were exchanged, compared to its average volume of 3,857,842. The business has a 50-day simple moving average of $50.79 and a two-hundred day simple moving average of $58.72. The company has a market capitalization of $12.07 billion, a price-to-earnings ratio of -473.93 and a beta of 2.42. Credo Technology Group Holding Ltd has a 12 month low of $22.50 and a 12 month high of $86.69.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.27 by $0.08. The business had revenue of $170.00 million for the quarter, compared to analysts’ expectations of $159.59 million. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The firm’s revenue was up 179.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.07 EPS. Equities research analysts expect that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently added to or reduced their stakes in CRDO. JPMorgan Chase & Co. lifted its position in Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in Credo Technology Group during the 4th quarter worth about $353,000. Bleakley Financial Group LLC bought a new stake in Credo Technology Group during the 4th quarter worth about $270,000. Silver Oak Securities Incorporated bought a new stake in Credo Technology Group during the 4th quarter worth about $215,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Credo Technology Group by 11.6% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 15,686 shares of the company’s stock worth $1,054,000 after buying an additional 1,630 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRDO. TD Cowen boosted their target price on shares of Credo Technology Group from $50.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, June 3rd. Susquehanna reiterated a “positive” rating and issued a $90.00 target price (up from $60.00) on shares of Credo Technology Group in a report on Tuesday, June 3rd. Mizuho cut their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research report on Thursday, April 3rd. Noble Financial raised Credo Technology Group to a “strong-buy” rating in a research report on Tuesday, June 3rd. Finally, Barclays set a $85.00 target price on Credo Technology Group and gave the stock an “overweight” rating in a research report on Tuesday, June 3rd. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $78.60.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.