Key Points
- Credo Technology Group CFO Daniel Fleming sold 7,580 shares on July 8 at an average price of $245.88, generating about $1.86 million. The sale reduced his direct stake by 1.48%, and it was made under a pre-arranged Rule 10b5-1 plan.
- Despite the insider sale, Credo reported strong quarterly results: earnings of $1.16 per share beat estimates and revenue came in at $437 million, up 157% year over year. Analysts still expect the company to earn 4.84 per share for the current fiscal year.
- Wall Street remains broadly bullish on CRDO, with an average analyst rating of “Buy” and an average target price of $263.11. Institutional ownership is also high, with 80.46% of the stock held by institutional investors.
Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CFO Daniel Fleming sold 7,580 shares of the firm's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer directly owned 504,708 shares of the company's stock, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Credo Technology Group Stock Performance
CRDO opened at $236.88 on Tuesday. The stock has a market cap of $44.17 billion, a price-to-earnings ratio of 95.52, a P/E/G ratio of 1.18 and a beta of 3.20. The stock's 50 day moving average price is $230.01 and its 200-day moving average price is $165.29. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm 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 posted $0.20 earnings per share. The company's revenue for the quarter was up 157.0% on a year-over-year basis. As a group, analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Credo Technology Group
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Credo Technology Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company's stock valued at $2,386,449,000 after buying an additional 59,849 shares during the period. State Street Corp boosted its position in Credo Technology Group by 23.4% during the 4th quarter. State Street Corp now owns 4,486,320 shares of the company's stock valued at $645,537,000 after acquiring an additional 849,654 shares in the last quarter. Geode Capital Management LLC boosted its position in Credo Technology Group by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company's stock valued at $555,117,000 after acquiring an additional 184,676 shares in the last quarter. Corient Private Wealth LLC increased its holdings in shares of Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock valued at $517,835,000 after acquiring an additional 3,597,318 shares during the period. Finally, Alliancebernstein L.P. increased its holdings in shares of Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock valued at $283,778,000 after acquiring an additional 1,218,504 shares during the period. 80.46% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
CRDO has been the subject of several research analyst reports. Evercore initiated coverage on Credo Technology Group in a research report on Monday, June 22nd. They set an "outperform" rating and a $325.00 target price for the company. Roth Capital upped their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Rothschild & Co Redburn began coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They issued a "buy" rating and a $206.00 price target on the stock. Weiss Ratings raised shares of Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, May 26th. Finally, Stifel Nicolaus lifted their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a "buy" rating in a report on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group has an average rating of "Buy" and an average target price of $263.11.
View Our Latest Stock Analysis on CRDO
About Credo Technology Group
(
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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