Chi Fung Cheng Sells 30,000 Shares of Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 30,000 shares of the business’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $143.61, for a total transaction of $4,308,300.00. Following the sale, the chief technology officer directly owned 6,418,961 shares of the company’s stock, valued at $921,826,989.21. This represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Chi Fung Cheng also recently made the following trade(s):

• On Monday, December 29th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $143.41, for a total value of $7,887,550.00.
• On Monday, December 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $150.77, for a total transaction of $8,292,350.00.
• On Monday, December 15th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $143.94, for a total value of $7,916,700.00.
• On Monday, December 8th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $174.70, for a total value of $9,608,500.00.
• On Monday, October 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $156.32, for a total value of $8,597,600.00.
• On Monday, October 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $150.34, for a total value of $8,268,700.00.
• On Monday, October 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $148.08, for a total transaction of $8,144,400.00.

Credo Technology Group Stock Down 5.2%

NASDAQ CRDO traded down $7.29 during trading on Tuesday, hitting $132.95. The stock had a trading volume of 7,337,206 shares, compared to its average volume of 7,056,599. The firm has a 50 day moving average price of $156.72 and a 200 day moving average price of $135.69. The company has a market capitalization of $24.01 billion, a PE ratio of 116.62 and a beta of 2.66. Credo Technology Group Holding Ltd. has a twelve month low of $29.09 and a twelve month high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The company had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. During the same quarter in the prior year, the firm posted $0.07 earnings per share. Credo Technology Group’s revenue for the quarter was up 272.1% on a year-over-year basis. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CRDO shares. Roth Capital raised their price target on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Wall Street Zen raised shares of Credo Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Cowen restated a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. New Street Research set a $240.00 price objective on Credo Technology Group in a research note on Tuesday, December 2nd. Finally, Bank of America increased their target price on Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group has a consensus rating of “Buy” and a consensus price target of $206.85.

Institutional Trading of Credo Technology Group

Hedge funds have recently modified their holdings of the business. California Public Employees Retirement System raised its stake in Credo Technology Group by 17.2% during the 2nd quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock worth $23,848,000 after buying an additional 37,772 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al raised its holdings in shares of Credo Technology Group by 34.6% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 28,400 shares of the company’s stock valued at $4,135,000 after purchasing an additional 7,300 shares during the last quarter. Thompson Davis & CO. Inc. bought a new position in shares of Credo Technology Group in the 2nd quarter valued at about $382,000. Realta Investment Advisors acquired a new position in shares of Credo Technology Group during the 2nd quarter worth approximately $300,000. Finally, Ethic Inc. raised its position in Credo Technology Group by 35.5% during the second quarter. Ethic Inc. now owns 7,142 shares of the company’s stock worth $668,000 after acquiring an additional 1,873 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.