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Lam Yat Tung, the Chief Operating Officer of Credo Technology Group Holding Ltd (NASDAQ:CRDO), has sold a significant portion of company shares, according to a recent SEC filing. On April 2, Lam sold a total of 10,000 ordinary shares in multiple transactions, with prices ranging from $41.02 to $44.29 per share. The total value of these sales amounted to $430,758. The sale comes as CRDO’s stock has experienced significant volatility, with the share price declining 8.3% in the past week, though maintaining a remarkable 71.6% gain over the past year. According to InvestingPro analysis, the company currently trades at a high earnings multiple with a P/E ratio of 1,406.
Following these transactions, Lam Yat Tung retains direct ownership of 2,789,273 shares. Additionally, there are 1,000,000 shares indirectly held by Zhan BVI Co Ltd, which Lam disclaims beneficial ownership except for any pecuniary interest.
The sales were conducted under a Rule 10b5-1 trading plan adopted on July 2, 2024, allowing for pre-planned trading of securities.
In other recent news, Credo Technology Group Holding Ltd reported impressive financial results for the third quarter of fiscal year 2025, with revenue reaching $135 million, surpassing the anticipated $120.29 million. The company’s earnings per share (EPS) also exceeded expectations, coming in at $0.25 compared to the forecasted $0.18. Stifel analysts maintained a Buy rating on Credo Technology, reiterating a price target of $85.00, citing the company’s robust supply chain management and ability to handle high-volume orders. Credo’s revenue growth is attributed to the ramp-up of its Advanced Electronic Components (AEC) program, with significant contributions expected from other product segments like Optical DSPs and Line Card PHYs. The company is projected to achieve more than 50% year-over-year revenue growth in fiscal year 2026, following a 121% increase in fiscal year 2025, according to Stifel. Recent board changes at Credo included the appointment of William J. Brennan as the new chairman and Fariba Danesh as a Class II director. Cantor Fitzgerald maintained a positive outlook on Credo, highlighting its performance alongside other semiconductor stocks. These developments indicate Credo’s strong position in the semiconductor industry, with continued growth and strategic leadership changes.
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