Lip Bu Tan Sells 12,845 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 12,845 shares of the firm’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $31.51, for a total value of $404,745.95. Following the completion of the sale, the director now directly owns 3,109,163 shares in the company, valued at approximately $97,969,726.13. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Wednesday, July 10th, Lip Bu Tan sold 6,110 shares of Credo Technology Group stock. The shares were sold at an average price of $31.33, for a total value of $191,426.30.
• On Monday, July 8th, Lip Bu Tan sold 112,441 shares of Credo Technology Group stock. The stock was 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 transaction of $1,444,317.76.

Credo Technology Group Trading Up 0.7 %

NASDAQ CRDO opened at $30.87 on Friday. The firm has a market capitalization of $5.10 billion, a PE ratio of -171.50 and a beta of 2.24. The business’s 50-day moving average price is $25.36 and its two-hundred day moving average price is $22.19. Credo Technology Group Holding Ltd has a 12 month low of $13.38 and a 12 month high of $32.78.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Wednesday, May 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.51%. The company had revenue of $60.78 million during the quarter, compared to the consensus estimate of $60.50 million. As a group, analysts forecast that Credo Technology Group Holding Ltd will post 0.07 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CRDO has been the subject of several research reports. TD Cowen raised shares of Credo Technology Group from a “hold” rating to a “buy” rating and increased their price objective for the company from $24.00 to $35.00 in a research note on Tuesday, June 25th. Barclays raised their price objective on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Bank of America reaffirmed an “underperform” rating and issued a $22.00 target price (up previously from $21.00) on shares of Credo Technology Group in a report on Thursday, May 30th. Needham & Company LLC lifted their price target on Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Finally, Craig Hallum upped their price objective on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, April 15th. One equities research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.25.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently modified their holdings of CRDO. Vanguard Group Inc. lifted its holdings in Credo Technology Group by 7.7% in the first quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock valued at $319,202,000 after buying an additional 1,072,301 shares during the period. Jennison Associates LLC raised its position in shares of Credo Technology Group by 1.9% in the 1st quarter. Jennison Associates LLC now owns 2,375,255 shares of the company’s stock worth $50,332,000 after acquiring an additional 45,396 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Credo Technology Group in the 4th quarter valued at about $35,224,000. AMF Tjanstepension AB boosted its position in shares of Credo Technology Group by 31.8% during the 1st quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock valued at $36,302,000 after purchasing an additional 413,149 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Credo Technology Group by 3.4% during the first quarter. Principal Financial Group Inc. now owns 1,631,832 shares of the company’s stock worth $34,579,000 after purchasing an additional 53,432 shares during the period. 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.