Lip Bu Tan Sells 100,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $38.16, for a total transaction of $3,816,000.00. Following the sale, the director now owns 1,763,725 shares of the company’s stock, valued at $67,303,746. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Monday, October 14th, Lip Bu Tan sold 15,281 shares of Credo Technology Group stock. The stock was sold at an average price of $39.05, for a total transaction of $596,723.05.
• On Wednesday, October 9th, Lip Bu Tan sold 125,000 shares of Credo Technology Group stock. The stock was sold at an average price of $35.18, for a total transaction of $4,397,500.00.
• On Monday, October 7th, Lip Bu Tan sold 143,046 shares of Credo Technology Group stock. The shares were sold at an average price of $32.29, for a total transaction of $4,618,955.34.
• On Friday, October 4th, Lip Bu Tan sold 100,000 shares of Credo Technology Group stock. The shares were sold at an average price of $32.10, for a total transaction of $3,210,000.00.
• On Wednesday, October 2nd, Lip Bu Tan sold 150,000 shares of Credo Technology Group stock. The shares were sold at an average price of $30.50, for a total transaction of $4,575,000.00.
• On Monday, September 30th, Lip Bu Tan sold 13,820 shares of Credo Technology Group stock. The shares were sold at an average price of $31.12, for a total transaction of $430,078.40.

Credo Technology Group Trading Up 1.7 %

Shares of CRDO stock opened at $36.99 on Thursday. Credo Technology Group Holding Ltd has a 12 month low of $13.38 and a 12 month high of $40.37. The stock has a market cap of $6.11 billion, a PE ratio of -205.50 and a beta of 2.24. The company’s fifty day moving average price is $31.26 and its 200-day moving average price is $26.78.

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

Wall Street Analysts Forecast Growth

CRDO has been the subject of several research analyst reports. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group lifted their target price 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. Mizuho lifted their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday. Finally, Needham & Company LLC lifted their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.44.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Credo Technology Group by 7.7% during the 1st quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock valued at $319,202,000 after buying an additional 1,072,301 shares in the last quarter. Driehaus Capital Management LLC boosted its stake in Credo Technology Group by 3.1% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after purchasing an additional 115,271 shares in the last quarter. Swedbank AB boosted its stake in Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its stake in Credo Technology Group by 9.1% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company’s stock worth $77,660,000 after purchasing an additional 203,739 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in Credo Technology Group by 1.9% in the 1st quarter. Jennison Associates LLC now owns 2,375,255 shares of the company’s stock worth $50,332,000 after purchasing an additional 45,396 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

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.