Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Sells $221,200.00 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $22.12, for a total value of $221,200.00. Following the sale, the chief operating officer now owns 3,153,738 shares in the company, valued at approximately $69,760,684.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Yat Tung Lam also recently made the following trade(s):

• On Wednesday, April 3rd, Yat Tung Lam sold 153,825 shares of Credo Technology Group stock. The stock was sold at an average price of $22.58, for a total value of $3,473,368.50.
• On Monday, March 25th, Yat Tung Lam sold 94,329 shares of Credo Technology Group stock. The shares were sold at an average price of $22.51, for a total value of $2,123,345.79.
• On Tuesday, March 19th, Yat Tung Lam sold 37,733 shares of Credo Technology Group stock. The stock was sold at an average price of $20.02, for a total transaction of $755,414.66.
• On Monday, March 11th, Yat Tung Lam sold 10,000 shares of Credo Technology Group stock. The stock was sold at an average price of $20.93, for a total transaction of $209,300.00.
• On Wednesday, February 28th, Yat Tung Lam sold 215,364 shares of Credo Technology Group stock. The shares were sold at an average price of $22.92, for a total transaction of $4,936,142.88.
• On Monday, February 26th, Yat Tung Lam sold 140,255 shares of Credo Technology Group stock. The stock was sold at an average price of $22.55, for a total transaction of $3,162,750.25.
• On Thursday, February 22nd, Yat Tung Lam sold 315,601 shares of Credo Technology Group stock. The shares were sold at an average price of $22.93, for a total value of $7,236,730.93.
• On Tuesday, February 20th, Yat Tung Lam sold 130,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.17, for a total value of $2,752,100.00.
• On Thursday, February 15th, Yat Tung Lam sold 46,321 shares of Credo Technology Group stock. The shares were sold at an average price of $22.52, for a total value of $1,043,148.92.
• On Tuesday, February 13th, Yat Tung Lam sold 407 shares of Credo Technology Group stock. The stock was sold at an average price of $22.50, for a total value of $9,157.50.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $18.59 on Thursday. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of -80.83 and a beta of 1.97. The business’s 50 day simple moving average is $21.46 and its 200-day simple moving average is $19.18. Credo Technology Group Holding Ltd has a 12 month low of $7.20 and a 12 month high of $23.90.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The company had revenue of $53.06 million for the quarter, compared to the consensus estimate of $51.91 million. During the same period in the previous year, the business earned $0.02 earnings per share. Credo Technology Group’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, equities analysts anticipate that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently commented on CRDO shares. The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Craig Hallum raised their price objective on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday. Needham & Company LLC lifted their price objective on Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, February 28th. Mizuho reissued a “buy” rating and set a $30.00 target price (up from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. Finally, TD Cowen lifted their price target on Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a research note on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.25.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Carnegie Capital Asset Management LLC increased its position in Credo Technology Group by 19.4% during the fourth quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock worth $5,714,000 after buying an additional 47,650 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Credo Technology Group during the 3rd quarter worth about $2,028,000. Vanguard Group Inc. raised its stake in Credo Technology Group by 31.3% in the 3rd quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock valued at $191,705,000 after purchasing an additional 2,993,303 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Credo Technology Group by 17.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after purchasing an additional 1,299,600 shares in the last quarter. Finally, Moody Aldrich Partners LLC boosted its stake in shares of Credo Technology Group by 67.8% during the 4th quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock worth $3,947,000 after purchasing an additional 81,904 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.