Credo Technology Group Holding Ltd's (NASDAQ:CRDO) Chief Financial Officer, Daniel W. Fleming, has recently sold a total of 20,000 ordinary shares of the company, according to the latest filings with the Securities and Exchange Commission. The transactions, carried out on May 30, 2024, were executed at prices ranging from $25.00 to $25.36, with a weighted average sale price of $25.1526, bringing the total value of the sold shares to approximately $503,052.
In addition to the sale, the CFO also acquired 20,000 shares through the exercise of options at a strikingly low price of $0.275 per share, amounting to a total of $5,500. The exercised options were granted on May 10, 2016, and were fully vested at the time of the transaction.
Furthermore, on May 31, Fleming disposed of 2,460 shares at a price of $26.07 per share, totaling $64,132. This transaction represented shares withheld by Credo Technology Group to satisfy tax withholding obligations in connection with the vesting and settlement of Restricted Stock Units (RSUs).
The sales reported were made under a Rule 10b5-1 trading plan, which Fleming adopted on June 26, 2023. Rule 10b5-1 trading plans allow company insiders to sell a predetermined number of shares at a predetermined time, providing a defense against potential accusations of insider trading.
Following these transactions, Fleming's direct ownership in the company stands at 701,714 ordinary shares. The SEC filing also noted that Fleming holds 48,800 employee stock options that are exercisable and will expire on May 10, 2026.
Credo Technology Group Holding Ltd is a semiconductor company specializing in high-performance connectivity solutions. The recent transactions by its CFO will likely be of interest to investors and market watchers as they assess the company's stock performance and insider confidence.
InvestingPro Insights
As investors digest the recent insider transactions at Credo Technology Group Holding Ltd (NASDAQ:CRDO), it’s worth noting the company’s financial health and market performance to get a fuller picture. According to the latest data from InvestingPro, Credo Technology Group holds a market capitalization of $4.26 billion. The company's recent share price movements indicate a significant return, with a one-week total price return of 30.55% and a one-month price return of 51.75%, showcasing a strong short-term performance.
An InvestingPro Tip that stands out is that analysts have revised their earnings upwards for the upcoming period. This could signal growing optimism about the company's future profitability, especially in light of the CFO's recent share transactions. Additionally, with a P/E ratio of -110.54, the company is trading at a high revenue valuation multiple, which suggests that investors may be expecting high growth potential from CRDO in the future.
For those considering a deeper dive into Credo Technology's financials and future prospects, InvestingPro offers a comprehensive suite of tools and additional InvestingPro Tips. There are currently 17 more tips available on InvestingPro that could provide valuable insights into CRDO's stock performance and potential investment opportunities. Interested readers can explore these tips and take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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