Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CFO Daniel Fleming sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the transaction, the chief financial officer directly owned 501,873 shares in the company, valued at approximately $125,207,276.04. This trade represents a 7.38% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Credo Technology Group Stock Performance
CRDO stock opened at $259.41 on Tuesday. The stock's 50 day simple moving average is $187.62 and its 200 day simple moving average is $151.53. Credo Technology Group Holding Ltd. has a fifty-two week low of $75.50 and a fifty-two week high of $270.21. The company has a market cap of $47.85 billion, a P/E ratio of 104.60, a price-to-earnings-growth ratio of 1.32 and a beta of 3.22.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The business had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same period in the prior year, the business earned $0.20 EPS. The firm's revenue for the quarter was up 157.0% on a year-over-year basis. Equities analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.
Key Headlines Impacting Credo Technology Group
Here are the key news stories impacting Credo Technology Group this week:
- Positive Sentiment: Credo’s latest results and guidance remain the main catalyst, with the company reporting stronger-than-expected revenue and earnings and projecting continued growth next quarter. Credo Technology Group Holding (CRDO) Is Up 21.2% After Earnings Beat And DustPhotonics Deal - What's Changed
- Positive Sentiment: Analyst coverage this morning was constructive, pointing to Credo’s exposure to the AI connectivity upgrade cycle and growing optical product opportunities, which supports the stock’s momentum. Credo Technology Stock Outlook Hinges on AI and Optical Scale
- Positive Sentiment: Additional reports called Credo a strong momentum stock and questioned whether it still deserves a buy rating after its sharp rally, underscoring investor enthusiasm for the name. Credo Technology Group Holding Ltd. (CRDO) is a Great Momentum Stock: Should You Buy?
- Neutral Sentiment: CFO Daniel W. Fleming sold 40,000 shares under a pre-arranged 10b5-1 plan, but the sale was tied to tax withholding on vested equity awards, which makes it less concerning as a signal about fundamentals. SEC Form 4 filing
- Negative Sentiment: After a large run-up, some coverage noted that valuation is getting rich, so the stock may be vulnerable if earnings growth, margins, or customer ramps disappoint. Is CRDO Stock Still Worth Buying After Its Massive Run Higher?
Institutional Trading of Credo Technology Group
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. NewEdge Advisors LLC increased its holdings in Credo Technology Group by 128.4% during the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company's stock worth $284,000 after purchasing an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock valued at $61,235,000 after acquiring an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Credo Technology Group by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company's stock valued at $12,480,000 after acquiring an additional 7,107 shares during the last quarter. CW Advisors LLC bought a new stake in Credo Technology Group during the second quarter worth $288,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company's stock worth $46,000 after acquiring an additional 333 shares during the period. 80.46% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
CRDO has been the subject of a number of recent research reports. Rosenblatt Securities boosted their price objective on Credo Technology Group from $175.00 to $215.00 and gave the stock a "neutral" rating in a report on Tuesday, June 2nd. Susquehanna boosted their price objective on Credo Technology Group from $200.00 to $235.00 and gave the stock a "positive" rating in a report on Tuesday, June 2nd. Weiss Ratings raised Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, May 26th. Roth Mkm boosted their price objective on Credo Technology Group from $200.00 to $300.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Finally, Craig Hallum reissued a "buy" rating and set a $200.00 price objective on shares of Credo Technology Group in a report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $248.41.
Read Our Latest Research Report on Credo Technology Group
Credo Technology Group Company Profile
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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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