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 on Thursday, January 22nd. The shares were sold at an average price of $136.33, for a total transaction of $4,089,900.00. Following the completion of the sale, the chief technology officer directly owned 6,327,370 shares of the company’s stock, valued at approximately $862,610,352.10. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Thursday, January 15th, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The stock was sold at an average price of $155.47, for a total transaction of $4,664,100.00.
• On Thursday, January 8th, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The shares were sold at an average price of $139.93, for a total transaction of $4,197,900.00.
• 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 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 value 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 value 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 value of $9,608,500.00.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $128.02 on Tuesday. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $213.80. The firm has a market capitalization of $23.12 billion, a PE ratio of 112.30 and a beta of 2.66. The company’s fifty day moving average price is $151.21 and its two-hundred day moving average price is $141.32.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, December 1st. The company reported $0.67 earnings per share 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 business had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. During the same period in the previous year, the business earned $0.07 EPS. The firm’s revenue was up 272.1% on a year-over-year basis. Analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors have recently modified their holdings of CRDO. Crewe Advisors LLC increased its holdings in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in Credo Technology Group in the 3rd quarter valued at $25,000. First Horizon Corp bought a new position in Credo Technology Group in the 3rd quarter valued at $26,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new stake in shares of Credo Technology Group during the fourth quarter worth $36,000. 80.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the company. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a report on Tuesday, December 2nd. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Finally, Rosenblatt Securities initiated coverage on shares of Credo Technology Group in a research report on Wednesday, January 21st. They issued a “neutral” rating and a $170.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $216.54.

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.