Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 55,000 Shares

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $17.31, for a total value of $952,050.00. Following the transaction, the chief technology officer now directly owns 9,828,602 shares in the company, valued at approximately $170,133,100.62. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

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

• On Thursday, April 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $22.13, for a total value of $1,217,150.00.
• On Monday, April 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.31, for a total value of $1,172,050.00.
• On Thursday, March 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.93, for a total value of $1,206,150.00.
• On Monday, March 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.93, for a total value of $1,151,150.00.
• On Tuesday, February 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.17, for a total value of $1,164,350.00.
• On Thursday, February 1st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.43, for a total value of $1,225,800.00.

Credo Technology Group Trading Up 1.6 %

CRDO stock opened at $17.59 on Wednesday. The stock has a 50-day moving average price of $21.09 and a two-hundred day moving average price of $19.24. The stock has a market cap of $2.87 billion, a PE ratio of -76.48 and a beta of 1.97. Credo Technology Group Holding Ltd has a 1 year low of $7.20 and a 1 year high of $23.90.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $53.06 million during the quarter, compared to analysts’ expectations of $51.91 million. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The company’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.02 EPS. On average, analysts forecast that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on CRDO. Mizuho reaffirmed a “buy” rating and set a $30.00 price objective (up previously from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. TD Cowen raised their price objective on Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 28th. Needham & Company LLC raised their price objective on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Craig Hallum raised their price objective on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Finally, The Goldman Sachs Group raised their price objective on Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $24.25.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently added to or reduced their stakes in CRDO. Vanguard Group Inc. increased its holdings in Credo Technology Group by 31.3% during the 3rd quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock worth $191,705,000 after purchasing an additional 2,993,303 shares in the last quarter. Jennison Associates LLC bought a new position in shares of Credo Technology Group in the 4th quarter valued at about $45,362,000. Wellington Management Group LLP bought a new position in shares of Credo Technology Group in the 4th quarter valued at about $35,224,000. Assenagon Asset Management S.A. bought a new position in shares of Credo Technology Group in the 3rd quarter valued at about $20,537,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Credo Technology Group by 17.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after acquiring an additional 1,299,600 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP.