Key Points
- Credo COO Yat Tung Lam sold 50,000 shares at an average price of $206.30, generating $10.315 million. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced his holdings by 1.98% to 2.48 million shares.
- Credo reported quarterly earnings of $1.20 per share and revenue of $479 million, exceeding analyst estimates; revenue increased 114.7% year over year.
- Wall Street remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $264.89, while institutional investors own 80.46% of the company.
Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) COO Yat Lam sold 50,000 shares of the company's stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $206.30, for a total transaction of $10,315,000.00. Following the transaction, the chief operating officer owned 2,479,169 shares of the company's stock, valued at approximately $511,452,564.70. This trade represents a 1.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Yat Tung Lam also recently made the following trade(s):
- On Friday, July 31st, Yat Lam sold 50,000 shares of Credo Technology Group stock. The shares were sold at an average price of $213.33, for a total transaction of $10,666,500.00.
- On Friday, July 31st, Yat Lam sold 55,441 shares of Credo Technology Group stock. The stock was sold at an average price of $213.02, for a total value of $11,810,041.82.
Credo Technology Group Trading Down 0.2%
NASDAQ:CRDO opened at $192.35 on Wednesday. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The stock has a 50 day moving average of $208.30 and a two-hundred day moving average of $196.63. The firm has a market cap of $36.15 billion, a P/E ratio of 68.45, a price-to-earnings-growth ratio of 0.77 and a beta of 3.22.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.03. The business had revenue of $479.00 million for the quarter, compared to the consensus estimate of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The business's quarterly revenue was up 114.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 earnings per share. On average, research analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on CRDO. The Goldman Sachs Group restated a "buy" rating and issued a $250.00 price objective on shares of Credo Technology Group in a report on Tuesday, June 2nd. Jefferies Financial Group upped their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Roth Capital increased their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a "buy" rating in a research report on Tuesday, June 2nd. Barclays raised their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an "overweight" rating in a research note on Monday, July 20th. Finally, Rosenblatt Securities boosted their price target on shares of Credo Technology Group from $215.00 to $235.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $264.89.
Check Out Our Latest Stock Report on Credo Technology Group
Hedge Funds Weigh In On Credo Technology Group
A number of institutional investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. grew its holdings in Credo Technology Group by 20.8% in the 2nd quarter. QRG Capital Management Inc. now owns 6,527 shares of the company's stock valued at $1,774,000 after buying an additional 1,125 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Credo Technology Group in the 2nd quarter worth $548,000. Envestnet Asset Management Inc. raised its holdings in shares of Credo Technology Group by 14.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 174,376 shares of the company's stock worth $47,421,000 after acquiring an additional 22,181 shares during the period. Sequoia Financial Advisors LLC raised its holdings in shares of Credo Technology Group by 19.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,659 shares of the company's stock worth $1,811,000 after acquiring an additional 1,063 shares during the period. Finally, IPG Investment Advisors LLC acquired a new position in shares of Credo Technology Group during the 2nd quarter valued at about $3,078,000. Hedge funds and other institutional investors own 80.46% of the company's stock.
About Credo Technology Group
(
Get Free Report)
Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.
The company's product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.
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