Insider Selling: Credo Technology Group (NASDAQ:CRDO) Director Sells $350,196.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Director Sylvia Acevedo sold 2,200 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total transaction of $350,196.00. Following the sale, the director directly owned 18,545 shares in the company, valued at $2,951,993.10. This trade represents a 10.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Sylvia Acevedo also recently made the following trade(s):

• On Friday, December 5th, Sylvia Acevedo sold 1,875 shares of Credo Technology Group stock. The shares were sold at an average price of $185.17, for a total transaction of $347,193.75.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $150.97 on Friday. The firm’s fifty day moving average price is $152.88 and its two-hundred day moving average price is $139.06. The stock has a market cap of $27.27 billion, a PE ratio of 132.43 and a beta of 2.66. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. During the same quarter last year, the business posted $0.07 EPS. Credo Technology Group’s revenue for the quarter was up 272.1% on a year-over-year basis. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Institutional Trading of Credo Technology Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Crewe Advisors LLC lifted its position in shares of Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares in the last quarter. Aberdeen Group plc purchased a new position in shares of Credo Technology Group in the 4th quarter worth approximately $517,000. FNY Investment Advisers LLC grew its holdings in shares of Credo Technology Group by 477.0% in the fourth quarter. FNY Investment Advisers LLC now owns 727 shares of the company’s stock valued at $104,000 after acquiring an additional 601 shares in the last quarter. Elemental Capital Partners LLC increased its position in shares of Credo Technology Group by 42.2% during the fourth quarter. Elemental Capital Partners LLC now owns 192,210 shares of the company’s stock valued at $27,657,000 after acquiring an additional 57,024 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in Credo Technology Group by 4.1% during the fourth quarter. Blue Trust Inc. now owns 4,729 shares of the company’s stock worth $680,000 after acquiring an additional 186 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Mizuho lifted their target price on shares of Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd. TD Cowen boosted their price objective on shares of Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. New Street Research set a $240.00 price objective on Credo Technology Group in a report on Tuesday, December 2nd. Needham & Company LLC lifted their target price on Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Finally, Barclays reissued an “overweight” rating and issued a $260.00 price target on shares of Credo Technology Group in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Credo Technology Group presently has an average rating of “Buy” and an average target price of $220.42.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.