Insider Selling: Credo Technology Group (NASDAQ:CRDO) CTO Sells $5,652,350.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $205.54, for a total value of $5,652,350.00. Following the completion of the transaction, the chief technology officer directly owned 5,799,870 shares of the company’s stock, valued at approximately $1,192,105,279.80. This trade represents a 0.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, July 21st, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $222.34, for a total value of $6,114,350.00.
• On Wednesday, July 8th, Chi Fung Cheng sold 3,790 shares of Credo Technology Group stock. The stock was sold at an average price of $258.71, for a total value of $980,510.90.
• On Tuesday, July 7th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $243.06, for a total value of $6,684,150.00.
• On Tuesday, June 30th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $269.84, for a total value of $7,420,600.00.
• On Tuesday, June 23rd, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $270.94, for a total value of $7,450,850.00.
• On Tuesday, June 16th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $246.69, for a total transaction of $6,783,975.00.
• On Thursday, June 11th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $259.53, for a total transaction of $7,137,075.00.
• On Friday, May 1st, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $178.99, for a total transaction of $4,922,225.00.

Credo Technology Group Stock Performance

Shares of CRDO stock traded down $14.78 during mid-day trading on Wednesday, reaching $177.50. The company’s stock had a trading volume of 6,917,991 shares, compared to its average volume of 7,634,283. The firm’s 50-day moving average is $236.79 and its two-hundred day moving average is $170.98. The company has a market cap of $33.10 billion, a P/E ratio of 71.57, a PEG ratio of 0.95 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.14. The business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm’s revenue was up 157.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.20 EPS. Sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Key Headlines Impacting Credo Technology Group

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: One analysis argues that the sell-off in Credo Technology Group looks overblown, pointing to the company’s exposure to AI data-center connectivity and continued infrastructure spending. Credo’s latest quarterly results also showed 157% year-over-year revenue growth, adjusted earnings above expectations, and analysts’ consensus rating remains “Buy.” Credo Stock Sell-Off Looks Overblown
• Positive Sentiment: Credo was included in Zacks’ Rank #1 “Strong Buy” growth-stock list, reinforcing favorable near-term analyst sentiment. Best Growth Stocks to Buy for July 28th
• Neutral Sentiment: An article identifies Credo among AI stocks experiencing a summer pullback while arguing that spending trends, analyst price targets, and the company’s growth catalysts remain intact. 5 AI Stocks Are Pulling Back—Which Growth Catalysts Still Look Strongest?
• Neutral Sentiment: An announcement about Aeluma, Inc. and a proposed CHIPS Act award involving the “CRDO” research office is unrelated to Credo Technology Group and should not be treated as news about CRDO.
• Negative Sentiment: Credo CTO Chi Fung Cheng sold 27,500 shares worth approximately $6.1 million. The transaction was made under a pre-arranged Rule 10b5-1 plan and reduced his holdings by only 0.47%, but it adds to a series of reported sales and may weigh on investor sentiment. Insider Selling: Credo Technology Group CTO Sells 27,500 Shares

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in Credo Technology Group by 9.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock worth $39,004,000 after purchasing an additional 23,332 shares in the last quarter. FengHe Fund Management Pte. Ltd. increased its stake in shares of Credo Technology Group by 5.7% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after buying an additional 8,769 shares in the last quarter. M&T Bank Corp increased its stake in shares of Credo Technology Group by 428.8% in the fourth quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock valued at $1,932,000 after buying an additional 10,888 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Credo Technology Group by 486.2% in the fourth quarter. Teacher Retirement System of Texas now owns 239,721 shares of the company’s stock valued at $34,493,000 after buying an additional 198,826 shares in the last quarter. Finally, TimesSquare Capital Management LLC raised its holdings in shares of Credo Technology Group by 5.5% in the fourth quarter. TimesSquare Capital Management LLC now owns 264,181 shares of the company’s stock valued at $38,013,000 after buying an additional 13,881 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on CRDO. Rothschild & Co Redburn started coverage on Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 price target on the stock. Needham & Company LLC increased their price objective on Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. The Goldman Sachs Group reiterated a “buy” rating and set a $250.00 price objective on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Barclays lifted their price objective on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Finally, Evercore assumed coverage on shares of Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $266.17.

Credo Technology Group Company Profile

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.