Daniel W. Fleming Sells 12,504 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming sold 12,504 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the sale, the chief financial officer now directly owns 656,456 shares in the company, valued at $31,824,986.88. This represents a 1.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $69.01 on Thursday. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $75.30. The company has a market capitalization of $11.46 billion, a PE ratio of -460.07 and a beta of 2.26. The company has a fifty day moving average of $41.20 and a two-hundred day moving average of $32.98.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.97%. The company had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. On average, research analysts expect that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

CRDO has been the topic of several recent analyst reports. Stifel Nicolaus reissued a “buy” rating and issued a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a report on Tuesday. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and increased their target price for the company from $27.00 to $80.00 in a report on Tuesday. Craig Hallum increased their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday. Mizuho increased their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Finally, Barclays increased their target price on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Buy” and a consensus target price of $67.33.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in CRDO. Price T Rowe Associates Inc. MD boosted its stake in shares of Credo Technology Group by 10.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock worth $1,484,000 after buying an additional 6,813 shares during the period. California State Teachers Retirement System boosted its stake in shares of Credo Technology Group by 7.7% during the first quarter. California State Teachers Retirement System now owns 128,795 shares of the company’s stock worth $2,729,000 after buying an additional 9,218 shares during the period. Harbor Capital Advisors Inc. boosted its stake in shares of Credo Technology Group by 319.8% during the second quarter. Harbor Capital Advisors Inc. now owns 31,383 shares of the company’s stock worth $1,002,000 after buying an additional 23,907 shares during the period. Kingswood Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group during the second quarter worth about $392,000. Finally, CWM LLC boosted its stake in shares of Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after buying an additional 594 shares during the period. Institutional investors and hedge funds 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.