Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan Sells 13,820 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) Director Lip Bu Tan sold 13,820 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $31.12, for a total value of $430,078.40. Following the completion of the sale, the director now directly owns 2,849,905 shares of the company’s stock, valued at approximately $88,689,043.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• On Wednesday, October 2nd, Lip Bu Tan sold 150,000 shares of Credo Technology Group stock. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00.
• 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 stock was sold at an average price of $31.99, for a total transaction 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 Stock Performance

Shares of NASDAQ CRDO opened at $32.57 on Friday. The company has a 50 day simple moving average of $29.64 and a two-hundred day simple moving average of $25.92. Credo Technology Group Holding Ltd has a fifty-two week low of $13.38 and a fifty-two week high of $36.80. The company has a market capitalization of $5.38 billion, a price-to-earnings ratio of -180.94 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data 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 net margin of 12.05% and a negative return on equity of 3.74%. The company had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. On average, analysts forecast that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Barclays lifted their price objective on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Roth Mkm lifted their target price on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Bank of America increased their price target on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, September 5th. Finally, Craig Hallum lifted their price objective on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $34.00.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP purchased a new position in Credo Technology Group in the fourth quarter worth about $35,224,000. Vanguard Group Inc. lifted its position in Credo Technology Group by 11.3% in the 4th quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock valued at $272,414,000 after acquiring an additional 1,420,664 shares in the last quarter. TimesSquare Capital Management LLC bought a new position in Credo Technology Group in the 1st quarter valued at approximately $22,535,000. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Credo Technology Group by 290.9% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock valued at $25,096,000 after acquiring an additional 881,344 shares in the last quarter. Finally, Westfield Capital Management Co. LP bought a new position in Credo Technology Group in the 1st quarter valued at approximately $17,847,000. Institutional investors own 80.46% of the company’s stock.

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.