Key Points
- CFO Daniel Fleming sold 3,902 shares on Jan. 8 at an average price of $140.15 for about $546,865, cutting his stake by 0.87% to 446,178 shares valued at roughly $62.5M; the CEO and CTO have also sold recently, which could temper investor sentiment.
- Credo posted a blowout quarter — $0.67 EPS vs. $0.49 expected and $268.0M revenue (up 272% YoY) — and analysts are broadly bullish, with an average price target near $217 and most ratings at Buy/Strong Buy.
Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CFO Daniel Fleming sold 3,902 shares of the company's stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $140.15, for a total transaction of $546,865.30. Following the transaction, the chief financial officer owned 446,178 shares of the company's stock, valued at $62,531,846.70. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Credo Technology Group Stock Up 6.2%
CRDO opened at $150.42 on Friday. The firm's fifty day simple moving average is $154.28 and its two-hundred day simple moving average is $136.55. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $213.80. The company has a market cap of $27.17 billion, a price-to-earnings ratio of 131.95 and a beta of 2.66.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate 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 in the prior year, the firm earned $0.07 EPS. The company's revenue for the quarter was up 272.1% on a year-over-year basis. On average, research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.
Analysts Set New Price Targets
Several analysts recently commented on the company. Wall Street Zen upgraded Credo Technology Group from a "hold" rating to a "buy" rating in a research report on Sunday, September 28th. Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Bank of America boosted their price target on shares of Credo Technology Group from $165.00 to $240.00 and gave the stock a "buy" rating in a research report on Tuesday, December 2nd. William Blair started coverage on shares of Credo Technology Group in a research note on Thursday, September 18th. They set an "outperform" rating for the company. Finally, KGI Securities raised shares of Credo Technology Group from a "hold" rating to an "outperform" rating and set a $230.00 target price on the stock in a research note on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Credo Technology Group has an average rating of "Buy" and an average target price of $217.08.
View Our Latest Stock Analysis on CRDO
Institutional Investors Weigh In On Credo Technology Group
Hedge funds and other institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC raised its stake in Credo Technology Group by 960.8% during the fourth quarter. SG Americas Securities LLC now owns 252,855 shares of the company's stock worth $36,383,000 after purchasing an additional 229,018 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $564,000. Diversified Trust Co. increased its holdings in shares of Credo Technology Group by 1.7% during the 4th quarter. Diversified Trust Co. now owns 18,151 shares of the company's stock worth $2,612,000 after buying an additional 295 shares during the last quarter. Nordea Investment Management AB purchased a new stake in shares of Credo Technology Group during the 4th quarter valued at approximately $2,084,000. Finally, Aventura Private Wealth LLC acquired a new position in Credo Technology Group in the fourth quarter valued at approximately $336,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.
Credo Technology Group News Summary
Here are the key news stories impacting Credo Technology Group this week:
Credo Technology Group Company Profile
(
Get Free Report)
Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.
Credo's product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.
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