Daniel W. Fleming Sells 12,504 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CFO Daniel W. Fleming sold 12,504 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $48.48, for a total transaction of $606,193.92. Following the sale, the chief financial officer now owns 656,456 shares in the company, valued at $31,824,986.88. This represents a 1.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Credo Technology Group Stock Performance

CRDO stock traded up $22.89 during mid-day trading on Tuesday, hitting $70.69. 16,384,023 shares of the company were exchanged, compared to its average volume of 2,341,238. The firm has a market cap of $11.74 billion, a P/E ratio of -441.19 and a beta of 2.26. The firm’s 50 day simple moving average is $39.60 and its 200 day simple moving average is $32.37. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $72.30.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The company had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. On average, equities research analysts predict that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Assetmark Inc. raised its stake in Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after acquiring an additional 257 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after buying an additional 400 shares during the period. Advisors Asset Management Inc. increased its stake in shares of Credo Technology Group by 11.3% in the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after buying an additional 478 shares during the period. CWM LLC increased its stake in shares of Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after buying an additional 594 shares during the period. Finally, US Bancorp DE increased its stake in shares of Credo Technology Group by 4.2% in the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after buying an additional 649 shares during the period. Institutional investors own 80.46% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on CRDO. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price objective for the company from $27.00 to $80.00 in a research note on Tuesday. Mizuho increased their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Barclays increased their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday. The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, TD Cowen raised their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $63.56.

About Credo Technology Group

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.