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

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $139.93, for a total value of $4,197,900.00. Following the transaction, the chief technology officer owned 6,387,370 shares in the company, valued at approximately $893,784,684.10. This trade represents a 0.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

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

• On Friday, January 2nd, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The shares were sold at an average price of $143.61, for a total value of $4,308,300.00.
• On Monday, December 29th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $143.41, for a total transaction of $7,887,550.00.
• On Monday, December 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were 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 shares were sold at an average price of $143.94, for a total transaction of $7,916,700.00.
• On Monday, December 8th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $174.70, for a total transaction of $9,608,500.00.
• On Monday, October 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $156.32, for a total transaction of $8,597,600.00.
• On Monday, October 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $150.34, for a total transaction of $8,268,700.00.

Credo Technology Group Stock Up 3.8%

Credo Technology Group stock traded up $5.65 during mid-day trading on Monday, hitting $156.07. 4,626,187 shares of the company’s stock were exchanged, compared to its average volume of 7,058,759. The firm has a market capitalization of $28.19 billion, a P/E ratio of 136.90 and a beta of 2.66. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $213.80. The company’s 50 day simple moving average is $154.28 and its 200-day simple moving average is $137.18.

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

Wall Street Analyst Weigh In

CRDO has been the subject of several research analyst reports. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. TD Cowen boosted their price objective on shares of Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. New Street Research set a $240.00 target price on shares of Credo Technology Group in a research note on Tuesday, December 2nd. JPMorgan Chase & Co. started coverage on Credo Technology Group in a research note on Friday, October 17th. They issued an “overweight” rating and a $165.00 price target on the stock. Finally, Mizuho boosted their price target on Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $217.08.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Atlantic Union Bankshares Corp bought a new position in shares of Credo Technology Group in the 3rd quarter valued at about $25,000. First Horizon Corp acquired a new position in Credo Technology Group during the third quarter valued at approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in Credo Technology Group during the second quarter valued at approximately $27,000. Smartleaf Asset Management LLC increased its position in shares of Credo Technology Group by 133.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after purchasing an additional 147 shares during the last quarter. Finally, Park Place Capital Corp bought a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $41,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.