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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CEO William Joseph Brennan sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $18.87, for a total value of $283,050.00. Following the completion of the sale, the chief executive officer now owns 2,932,500 shares of the company’s stock, valued at approximately $55,336,275. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Thursday, May 2nd, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The shares were sold at an average price of $17.15, for a total value of $257,250.00.
• 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 value of $287,400.00.
• On Thursday, April 4th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The shares were 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 stock was sold at an average price of $21.58, for a total transaction of $323,700.00.
• On Wednesday, March 13th, William Joseph Brennan sold 15,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.55, for a total transaction of $308,250.00.

Credo Technology Group Stock Up 0.8 %

CRDO opened at $19.25 on Wednesday. The company has a market cap of $3.14 billion, a P/E ratio of -83.70 and a beta of 2.03. The firm’s 50-day moving average price is $19.50 and its 200-day moving average price is $19.68. Credo Technology Group Holding Ltd has a 52-week low of $10.12 and a 52-week 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The business had revenue of $53.06 million for the quarter, compared to analyst estimates of $51.91 million. During the same quarter in the prior year, the business posted $0.02 EPS. Credo Technology Group’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, research analysts anticipate that Credo Technology Group Holding Ltd will post -0.12 EPS for the current fiscal year.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Credo Technology Group by 31.3% in the third quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock worth $191,705,000 after purchasing an additional 2,993,303 shares during the last quarter. Jennison Associates LLC purchased a new position in Credo Technology Group during the 4th quarter worth approximately $45,362,000. Wellington Management Group LLP acquired a new stake in Credo Technology Group during the 4th quarter valued at approximately $35,224,000. Assenagon Asset Management S.A. purchased a new stake in shares of Credo Technology Group in the 3rd quarter valued at $20,537,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Credo Technology Group by 17.7% in the third quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock worth $131,931,000 after acquiring an additional 1,299,600 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

CRDO has been the topic of several research reports. Mizuho reissued a “buy” rating and set a $30.00 price objective (up from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. 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 report on Wednesday, February 28th. Needham & Company LLC upped their price objective on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. The Goldman Sachs Group lifted their target price on Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Finally, Craig Hallum increased their price target 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, April 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.25.

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.