Lip Bu Tan Sells 3,527 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 3,527 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $76.05, for a total value of $268,228.35. Following the completion of the sale, the director now owns 785,198 shares in the company, valued at approximately $59,714,307.90. The trade was a 0.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Lip Bu Tan also recently made the following trade(s):

• On Thursday, June 12th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The stock was sold at an average price of $75.33, for a total value of $7,533,000.00.
• On Thursday, June 5th, Lip Bu Tan sold 75,000 shares of Credo Technology Group stock. The stock was sold at an average price of $75.20, for a total value of $5,640,000.00.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $79.17 on Tuesday. Credo Technology Group Holding Ltd has a 1-year low of $22.50 and a 1-year high of $86.69. The stock’s 50-day moving average is $54.60 and its 200 day moving average is $59.65. The company has a market cap of $13.44 billion, a P/E ratio of -527.80 and a beta of 2.42.

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

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kestra Investment Management LLC purchased a new stake in Credo Technology Group in the fourth quarter valued at about $38,000. Operose Advisors LLC raised its stake in Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock valued at $25,000 after buying an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in Credo Technology Group in the first quarter valued at about $25,000. WASHINGTON TRUST Co purchased a new stake in Credo Technology Group in the fourth quarter valued at about $43,000. Finally, Principal Securities Inc. raised its stake in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CRDO shares. TD Cowen increased their price target on Credo Technology Group from $50.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. Noble Financial raised Credo Technology Group to a “strong-buy” rating in a research report on Tuesday, June 3rd. Susquehanna reissued a “positive” rating and set a $90.00 price target (up previously from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Mizuho dropped their price target 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. Finally, Barclays set a $85.00 price target on Credo Technology Group and gave the stock an “overweight” rating in a research report on Tuesday, June 3rd. Twelve analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $80.09.

Credo Technology Group Company Profile

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.