Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Sells $1,444,317.76 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 45,476 shares of the business’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $31.76, for a total transaction of $1,444,317.76. Following the transaction, the director now owns 39,736 shares in the company, valued at approximately $1,262,015.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Monday, July 8th, Lip Bu Tan sold 112,441 shares of Credo Technology Group stock. The shares were sold at an average price of $31.99, for a total transaction of $3,596,987.59.

Credo Technology Group Trading Down 1.8 %

Shares of CRDO stock opened at $30.66 on Friday. Credo Technology Group Holding Ltd has a 12-month low of $13.38 and a 12-month high of $32.78. The firm’s 50 day moving average is $25.09 and its 200 day moving average is $22.10. The stock has a market capitalization of $5.06 billion, a P/E ratio of -170.33 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Wednesday, May 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). Credo Technology Group had a negative return on equity of 4.51% and a negative net margin of 14.70%. The company had revenue of $60.78 million during the quarter, compared to analysts’ expectations of $60.50 million. As a group, equities analysts predict that Credo Technology Group Holding Ltd will post 0.07 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Craig Hallum boosted their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Needham & Company LLC raised their target price on shares of Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Barclays raised their target price on shares of Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Bank of America reaffirmed an “underperform” rating and set a $22.00 target price (up previously from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. Finally, TD Cowen raised shares of Credo Technology Group from a “hold” rating to a “buy” rating and raised their target price for the company from $24.00 to $35.00 in a research note on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and an average target price of $28.25.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Carnegie Capital Asset Management LLC boosted its holdings in Credo Technology Group by 19.4% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock worth $5,714,000 after purchasing an additional 47,650 shares during the last quarter. AMF Tjanstepension AB boosted its stake in shares of Credo Technology Group by 31.8% during the 1st quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock worth $36,302,000 after acquiring an additional 413,149 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Credo Technology Group by 13.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 958,316 shares of the company’s stock worth $18,658,000 after acquiring an additional 111,957 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Credo Technology Group by 31.3% during the 3rd quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock worth $191,705,000 after acquiring an additional 2,993,303 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Credo Technology Group by 17.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock worth $131,931,000 after acquiring an additional 1,299,600 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.