Chi Fung Cheng Sells 55,000 Shares of Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $150.77, for a total value of $8,292,350.00. Following the completion of the transaction, the chief technology officer directly owned 6,503,961 shares in the company, valued at $980,602,199.97. This represents a 0.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

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

• On Monday, December 15th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was 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 shares were sold at an average price of $174.70, for a total value 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.
• 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.
• On Monday, October 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $148.08, for a total transaction of $8,144,400.00.
• On Monday, October 6th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $148.35, for a total transaction of $8,159,250.00.
• On Monday, September 29th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $148.87, for a total transaction of $8,187,850.00.

Credo Technology Group Price Performance

NASDAQ:CRDO traded down $2.13 during mid-day trading on Tuesday, hitting $147.81. The company’s stock had a trading volume of 3,083,730 shares, compared to its average volume of 5,558,359. The business’s fifty day moving average is $156.36 and its two-hundred day moving average is $130.82. The stock has a market cap of $26.70 billion, a price-to-earnings ratio of 129.66 and a beta of 2.63. Credo Technology Group Holding Ltd. has a 1 year low of $29.09 and a 1 year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.18. The business 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 for the quarter was up 272.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 EPS. Analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Institutional Trading of Credo Technology Group

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

Analyst Upgrades and Downgrades

CRDO has been the subject of several recent research reports. KGI Securities raised shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 target price for the company in a report on Tuesday, December 2nd. Wall Street Zen upgraded shares of Credo Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Roth Capital upped their price objective on shares of Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Susquehanna increased their target price on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Credo Technology Group in a research report on Monday, December 15th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $206.85.

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.