Credo Technology Group Holding Ltd (NASDAQ:CRDO) CEO William Joseph Brennan Sells 15,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CEO William Joseph Brennan sold 15,000 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $17.15, for a total transaction of $257,250.00. Following the sale, the chief executive officer now owns 2,962,500 shares in the company, valued at $50,806,875. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

William Joseph Brennan also recently made the following trade(s):

• On Wednesday, April 17th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The shares were sold at an average price of $19.16, for a total transaction of $287,400.00.
• On Thursday, April 4th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The stock was sold at an average price of $22.31, for a total value of $334,650.00.
• On Wednesday, March 27th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.58, for a total value of $323,700.00.
• On Wednesday, March 13th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The stock was sold at an average price of $20.55, for a total value of $308,250.00.
• On Thursday, February 15th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The stock was sold at an average price of $22.39, for a total value of $335,850.00.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $17.18 on Friday. The company’s fifty day moving average is $20.36 and its two-hundred day moving average is $19.29. 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 issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The business had revenue of $53.06 million for the quarter, compared to the consensus estimate of $51.91 million. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. During the same quarter in the previous year, the company posted $0.02 earnings per share. Credo Technology Group’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, equities research analysts forecast that Credo Technology Group Holding Ltd will post -0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in the business. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Credo Technology Group in the 1st quarter valued at approximately $547,000. Jennison Associates LLC increased its stake in shares of Credo Technology Group by 1.9% in the first 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 during the last quarter. Capstone Investment Advisors LLC purchased a new stake in shares of Credo Technology Group during the first quarter worth $2,732,000. Principal Financial Group Inc. boosted its position 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 valued at $34,579,000 after purchasing an additional 53,432 shares during the last quarter. Finally, Ulland Investment Advisors LLC purchased a new position in Credo Technology Group in the first quarter valued at about $29,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on CRDO. Mizuho restated a “buy” rating and set a $30.00 price objective (up previously from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. TD Cowen raised their target price on shares of Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a report on Wednesday, February 28th. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Craig Hallum increased their price objective on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Finally, Needham & Company LLC lifted their target price on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus target price of $24.25.

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.