James Laufman Sells 20,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) insider James Laufman sold 20,000 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.36, for a total transaction of $627,200.00. Following the transaction, the insider now owns 302,466 shares of the company’s stock, valued at approximately $9,485,333.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Credo Technology Group Trading Up 1.6 %

Shares of Credo Technology Group stock opened at $30.43 on Thursday. Credo Technology Group Holding Ltd has a 12-month low of $13.38 and a 12-month high of $36.80. The company has a market cap of $5.03 billion, a price-to-earnings ratio of -169.06 and a beta of 2.26. The company’s 50-day moving average price is $29.49 and its 200-day moving average price is $25.76.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The firm had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. On average, sell-side analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRDO. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Roth Mkm increased their price target on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Stifel Nicolaus increased their price target on shares of Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Craig Hallum upped their price objective on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Finally, Needham & Company LLC upped their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $34.00.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of CRDO. AMF Tjanstepension AB raised its stake in Credo Technology Group by 31.8% in the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock valued at $36,302,000 after purchasing an additional 413,149 shares in the last quarter. Thornburg Investment Management Inc. raised its stake in Credo Technology Group by 37.1% in the first quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock valued at $5,029,000 after purchasing an additional 64,177 shares in the last quarter. Capstone Investment Advisors LLC purchased a new stake in Credo Technology Group in the first quarter valued at approximately $2,732,000. Swiss National Bank raised its stake in Credo Technology Group by 14.7% in the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock valued at $5,391,000 after purchasing an additional 32,600 shares in the last quarter. Finally, Castleark Management LLC purchased a new stake in Credo Technology Group in the first quarter valued at approximately $3,876,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.