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Lam Yat Tung, the Chief Operating Officer of Credo Technology Group Holding Ltd (NASDAQ:CRDO), recently executed a series of stock sales, totaling $618,110. These transactions, which took place on February 24, involved selling shares at prices ranging from $59.40 to $64.75 each. The sales come as the company, currently valued at $9.53 billion, has seen its stock decline by over 20% in the past week. InvestingPro analysis indicates the stock is trading above its Fair Value, with 10 analysts recently revising their earnings expectations upward.
The sales were carried out under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks. This plan was adopted by Lam Yat Tung in July 2024. Following these transactions, Tung retains direct ownership of 2,815,621 shares, with an additional 1,100,000 shares held indirectly through Zhan BVI Co Ltd. The company maintains strong financial health with a current ratio of 10.84, indicating robust liquidity.
This activity comes as Credo Technology, known for its semiconductor products, continues to navigate a competitive industry landscape. With earnings scheduled in 6 days and analyst price targets ranging from $72 to $90, investors will be watching closely to see how these sales may impact the company’s stock performance. For deeper insights into CRDO’s valuation and growth prospects, access the comprehensive Pro Research Report available on InvestingPro, which offers 18 additional exclusive tips and detailed financial analysis.
In other recent news, Credo Technology Group Holding Ltd. reported significant financial achievements that have caught the attention of several analyst firms. The company announced a 64% year-over-year increase in Q2 revenue, reaching $72 million, surpassing expectations. This robust performance has led to optimistic projections, with Credo expecting over 100% revenue growth in FY2025. Following these results, multiple analyst firms have adjusted their price targets and ratings for Credo. TD Cowen raised its price target to $75, maintaining a Buy rating, while Needham increased its target to $70, also keeping a Buy rating. Stifel echoed this sentiment, raising its target to $75 and highlighting the strong performance in the October quarter. Additionally, BofA Securities upgraded Credo from Underperform to Buy, significantly increasing the price target to $80. Analysts have noted the company’s strategic focus on AI networking capabilities and the anticipated growth in Active Electrical Cables (AECs) as key drivers for future performance. These developments reflect a strong market confidence in Credo’s ongoing growth trajectory and technological advancements.
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