Credo Technology Group (NASDAQ:CRDO) CTO Sells $7,887,550.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, December 29th. The stock was sold at an average price of $143.41, for a total transaction of $7,887,550.00. Following the sale, the chief technology officer owned 6,448,961 shares of the company’s stock, valued at approximately $924,845,497.01. This represents a 0.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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

• 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 value 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 value 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 value 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 value of $8,159,250.00.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded up $0.22 during trading on Tuesday, reaching $144.92. The company had a trading volume of 2,170,201 shares, compared to its average volume of 5,508,950. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $213.80. The stock’s fifty day moving average price is $157.26 and its 200 day moving average price is $133.49. The firm has a market capitalization of $26.18 billion, a price-to-earnings ratio of 127.12 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million during the quarter, compared to the consensus estimate 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 period last year, the company earned $0.07 earnings per share. On average, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently bought and sold shares of CRDO. California Public Employees Retirement System boosted its holdings in shares of Credo Technology Group by 17.2% during the second quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock worth $23,848,000 after purchasing an additional 37,772 shares during the last quarter. Thompson Davis & CO. Inc. purchased a new position in shares of Credo Technology Group during the 2nd quarter worth about $382,000. Realta Investment Advisors acquired a new stake in shares of Credo Technology Group in the second quarter worth approximately $300,000. Ethic Inc. grew its holdings in Credo Technology Group by 35.5% in the second quarter. Ethic Inc. now owns 7,142 shares of the company’s stock valued at $668,000 after purchasing an additional 1,873 shares during the period. Finally, Convergence Investment Partners LLC purchased a new stake in Credo Technology Group in the second quarter valued at approximately $2,577,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Bank of America increased their price target on shares of Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Barclays increased their target price on Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 2nd. JPMorgan Chase & Co. initiated coverage on Credo Technology Group in a research note on Friday, October 17th. They issued an “overweight” rating and a $165.00 price target on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a report on Monday. Finally, Wolfe Research set a $240.00 price objective on Credo Technology Group in a research report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $206.85.

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.