Credo Technology Group (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 27,500 Shares of Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the sale, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at approximately $737,630,712. The trade was a 0.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Thursday, January 29th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $127.37, for a total value of $3,502,675.00.
• On Thursday, January 22nd, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The shares were sold at an average price of $136.33, for a total transaction of $4,089,900.00.
• On Thursday, January 15th, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The shares were 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 stock was 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 shares were 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 stock was sold at an average price of $143.94, for a total transaction of $7,916,700.00.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO traded up $6.12 during mid-day trading on Friday, reaching $117.69. 4,456,006 shares of the company traded hands, compared to its average volume of 7,128,742. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $213.80. The firm has a market cap of $21.71 billion, a PE ratio of 65.38 and a beta of 2.67. The stock has a fifty day simple moving average of $127.26 and a 200-day simple moving average of $143.02.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.78 by $0.29. The business had revenue of $407.01 million during the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business’s quarterly revenue was up 201.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.25 earnings per share. As a group, analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Spear Advisors LLC bought a new position in Credo Technology Group during the fourth quarter valued at about $11,705,000. World Investment Advisors increased its holdings in shares of Credo Technology Group by 77.5% during the 4th quarter. World Investment Advisors now owns 2,870 shares of the company’s stock valued at $413,000 after acquiring an additional 1,253 shares during the last quarter. Corient Private Wealth LLC raised its stake in shares of Credo Technology Group by 1,665.6% in the 4th quarter. Corient Private Wealth LLC now owns 26,573 shares of the company’s stock valued at $3,824,000 after acquiring an additional 25,068 shares in the last quarter. Reflection Asset Management acquired a new stake in Credo Technology Group in the 4th quarter worth approximately $25,000. Finally, Clearwave Capital LLC bought a new stake in Credo Technology Group during the fourth quarter worth approximately $708,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

CRDO has been the topic of several research analyst reports. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Rosenblatt Securities decreased their target price on Credo Technology Group from $170.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Roth Mkm lowered their price target on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. New Street Research set a $240.00 price objective on Credo Technology Group in a research note on Tuesday, December 2nd. Finally, Stifel Nicolaus set a $200.00 price objective on Credo Technology Group in a research report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $206.33.

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.