Lip Bu Tan Sells 150,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the completion of the transaction, the director now owns 2,638,725 shares in the company, valued at approximately $80,481,112.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Lip Bu Tan also recently made the following trade(s):

• On Monday, September 30th, Lip Bu Tan sold 13,820 shares of Credo Technology Group stock. The shares were sold at an average price of $31.12, for a total transaction of $430,078.40.
• On Monday, July 15th, Lip Bu Tan sold 245,438 shares of Credo Technology Group stock. The stock was sold at an average price of $32.67, for a total transaction of $8,018,459.46.
• On Friday, July 12th, Lip Bu Tan sold 12,845 shares of Credo Technology Group stock. The shares were sold at an average price of $31.51, for a total transaction of $404,745.95.
• On Wednesday, July 10th, Lip Bu Tan sold 6,110 shares of Credo Technology Group stock. The stock was sold at an average price of $31.33, for a total transaction of $191,426.30.
• On Monday, July 8th, Lip Bu Tan sold 112,441 shares of Credo Technology Group stock. The shares were sold at an average price of $31.99, for a total value of $3,596,987.59.
• On Friday, July 5th, Lip Bu Tan sold 45,476 shares of Credo Technology Group stock. The shares were sold at an average price of $31.76, for a total value of $1,444,317.76.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $32.57 on Friday. The firm has a market cap of $5.38 billion, a price-to-earnings ratio of -180.94 and a beta of 2.24. The stock’s 50-day moving average is $29.64 and its 200-day moving average is $25.92. Credo Technology Group Holding Ltd has a one year low of $13.38 and a one year high of $36.80.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. On average, equities analysts expect that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CRDO shares. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Roth Mkm upped their price objective on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Finally, Barclays raised their price objective on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Wellington Management Group LLP bought a new position in shares of Credo Technology Group in the 4th quarter valued at about $35,224,000. Vanguard Group Inc. boosted its position in Credo Technology Group by 11.3% during the fourth quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock valued at $272,414,000 after purchasing an additional 1,420,664 shares during the last quarter. TimesSquare Capital Management LLC bought a new position in Credo Technology Group in the first quarter valued at approximately $22,535,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Credo Technology Group by 290.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock worth $25,096,000 after purchasing an additional 881,344 shares during the last quarter. Finally, Westfield Capital Management Co. LP bought a new stake in shares of Credo Technology Group during the 1st quarter worth approximately $17,847,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

About Credo Technology Group

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.