Key Points
- COO Yat Tung Lam sold 370,000 shares on December 11 at an average price of $153.19 for about $56.68 million, leaving him with 400,000 shares — a 48.05% reduction in his ownership stake.
- Credo reported a blowout quarter, posting $0.67 EPS versus $0.49 expected and revenue of $268.03 million (up 272.1% year‑over‑year), well above analyst estimates.
- Several analysts raised price targets after the quarter (Needham, Barclays, Roth, Mizuho among others) and the consensus rating is a Buy with an average price target of $206.85.
Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) COO Yat Tung Lam sold 370,000 shares of the stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.19, for a total value of $56,680,300.00. Following the sale, the chief operating officer owned 400,000 shares of the company's stock, valued at $61,276,000. This represents a 48.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Yat Tung Lam also recently made the following trade(s):
- On Wednesday, October 29th, Yat Tung Lam sold 80,000 shares of Credo Technology Group stock. The stock was sold at an average price of $169.27, for a total value of $13,541,600.00.
- On Wednesday, October 22nd, Yat Tung Lam sold 70,000 shares of Credo Technology Group stock. The shares were sold at an average price of $137.49, for a total value of $9,624,300.00.
- On Wednesday, October 1st, Yat Tung Lam sold 80,000 shares of Credo Technology Group stock. The stock was sold at an average price of $143.53, for a total transaction of $11,482,400.00.
Credo Technology Group Trading Down 1.3%
Shares of NASDAQ:CRDO opened at $142.02 on Tuesday. The company has a 50-day moving average price of $156.62 and a 200-day moving average price of $128.22. The company has a market cap of $25.65 billion, a price-to-earnings ratio of 124.58 and a beta of 2.63. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $213.80.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released 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 return on equity of 25.28% and a net margin of 26.63%.The business had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. During the same quarter in the prior year, the company posted $0.07 EPS. Credo Technology Group's quarterly revenue was up 272.1% compared to the same quarter last year. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.
Analyst Ratings Changes
Several brokerages have commented on CRDO. Needham & Company LLC raised their price objective on shares of Credo Technology Group from $190.00 to $220.00 and gave the stock a "buy" rating in a report on Tuesday, December 2nd. Barclays upped their price target on Credo Technology Group from $165.00 to $220.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 2nd. Wall Street Zen upgraded shares of Credo Technology Group from a "hold" rating to a "buy" rating in a report on Sunday, September 28th. Roth Capital increased their price target on shares of Credo Technology Group from $170.00 to $250.00 and gave the stock a "buy" rating in a research note on Tuesday, December 2nd. Finally, Mizuho lifted their price target on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an "outperform" rating in a research report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Credo Technology Group has an average rating of "Buy" and an average price target of $206.85.
Check Out Our Latest Stock Analysis on Credo Technology Group
Institutional Trading of Credo Technology Group
Several institutional investors have recently bought and sold shares of the company. Savant Capital LLC raised its holdings in Credo Technology Group by 0.7% in the third quarter. Savant Capital LLC now owns 9,914 shares of the company's stock worth $1,444,000 after buying an additional 68 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Credo Technology Group by 16.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company's stock valued at $80,000 after acquiring an additional 77 shares in the last quarter. Illinois Municipal Retirement Fund raised its holdings in Credo Technology Group by 0.6% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company's stock worth $2,298,000 after acquiring an additional 91 shares during the last quarter. Versant Capital Management Inc lifted its position in Credo Technology Group by 18.0% in the 3rd quarter. Versant Capital Management Inc now owns 663 shares of the company's stock valued at $97,000 after acquiring an additional 101 shares in the last quarter. Finally, CIBC Private Wealth Group LLC boosted its stake in Credo Technology Group by 14.8% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company's stock valued at $125,000 after purchasing an additional 111 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.
About Credo Technology Group
(
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.
Further Reading
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