Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) Director Sylvia Acevedo sold 1,875 shares of the stock in a transaction on Friday, December 5th. The shares were sold at an average price of $185.17, for a total transaction of $347,193.75. Following the transaction, the director owned 21,098 shares of the company's stock, valued at $3,906,716.66. This trade represents a 8.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Credo Technology Group Stock Down 4.8%
Credo Technology Group stock opened at $170.29 on Wednesday. The company's 50-day moving average price is $156.37 and its 200-day moving average price is $125.78. The company has a market cap of $30.76 billion, a PE ratio of 149.38 and a beta of 2.63. Credo Technology Group Holding Ltd. has a twelve month low of $29.09 and a twelve month high of $213.80.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating analysts' consensus estimates of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. During the same quarter last year, the firm earned $0.07 EPS. The firm's revenue for the quarter was up 272.1% compared to the same quarter last year. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on the company. KGI Securities raised Credo Technology Group from a "hold" rating to an "outperform" rating and set a $230.00 target price on the stock in a research report on Tuesday, December 2nd. TD Cowen boosted their price target on Credo Technology Group from $190.00 to $240.00 and gave the company a "buy" rating in a report on Tuesday, December 2nd. Bank of America increased their target price on shares of Credo Technology Group from $165.00 to $240.00 and gave the stock a "buy" rating in a report on Tuesday, December 2nd. Susquehanna boosted their target price on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a "positive" rating in a report on Wednesday, October 22nd. Finally, Wolfe Research set a $240.00 price target on shares of Credo Technology Group in a report on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $206.85.
Read Our Latest Report on Credo Technology Group
Institutional Trading of Credo Technology Group
Several large investors have recently made changes to their positions in the business. Operose Advisors LLC raised its holdings in shares of Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after purchasing an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in Credo Technology Group during the 1st quarter worth about $25,000. Atlantic Union Bankshares Corp purchased a new position in shares of Credo Technology Group during the 3rd quarter valued at about $25,000. First Horizon Corp acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at about $26,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in shares of Credo Technology Group in the second quarter worth about $27,000. 80.46% of the stock is owned by hedge funds and other institutional investors.
Credo Technology Group Company Profile
(
Get Free Report)
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.
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