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

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 30,000 shares of the stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $155.47, for a total value of $4,664,100.00. Following the transaction, the chief technology officer owned 6,357,370 shares of the company’s stock, valued at approximately $988,380,313.90. The trade was a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

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

• On Thursday, January 8th, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The stock was sold at an average price of $139.93, for a total value of $4,197,900.00.
• On Friday, January 2nd, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The stock was sold at an average price of $143.61, for a total transaction 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 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 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 stock was sold at an average price of $156.32, for a total transaction of $8,597,600.00.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $153.22 on Wednesday. The business has a 50-day moving average of $152.39 and a 200-day moving average of $140.24. The stock has a market capitalization of $27.68 billion, a price-to-earnings ratio of 134.40 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.

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

Analysts Set New Price Targets

A number of brokerages have commented on CRDO. Bank of America increased their price target on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. Wolfe Research set a $240.00 price target on Credo Technology Group in a research report on Tuesday, December 2nd. New Street Research set a $240.00 price objective on Credo Technology Group in a research report on Tuesday, December 2nd. Finally, Roth Capital lifted their target price on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $220.42.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently made changes to their positions in CRDO. JPMorgan Chase & Co. increased its position in Credo Technology Group by 36.5% during the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after acquiring an additional 1,739,844 shares during the period. Bank of America Corp DE increased its holdings in shares of Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after purchasing an additional 1,406,752 shares during the period. Rafferty Asset Management LLC acquired a new stake in shares of Credo Technology Group in the third quarter valued at approximately $183,553,000. Alliancebernstein L.P. raised its position in shares of Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after buying an additional 1,218,504 shares in the last quarter. Finally, Marshall Wace LLP grew its position in Credo Technology Group by 2,537.7% during the third quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock worth $167,452,000 after buying an additional 1,106,401 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.