Credo Technology Group (NASDAQ:CRDO) CTO Sells $2,768,425.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction dated Tuesday, March 24th. The stock was sold at an average price of $100.67, for a total transaction of $2,768,425.00. Following the transaction, the chief technology officer directly owned 6,217,370 shares of the company’s stock, valued at approximately $625,902,637.90. This trade represents a 0.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Tuesday, March 17th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $107.90, for a total transaction of $2,967,250.00.
• On Wednesday, March 11th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00.
• 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 stock was sold at an average price of $136.33, for a total value 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 value of $4,664,100.00.
• 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 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 stock was sold at an average price of $143.41, for a total transaction of $7,887,550.00.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $87.81 on Tuesday. The firm has a market cap of $16.20 billion, a price-to-earnings ratio of 48.78 and a beta of 2.67. The firm has a 50 day simple moving average of $116.56 and a 200-day simple moving average of $140.53. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. The company had revenue of $407.01 million for 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 firm’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 EPS. Equities analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Analyst Ratings Changes

CRDO has been the subject of several recent research reports. Roth Mkm decreased their price objective on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Stifel Nicolaus set a $200.00 price target on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Mizuho dropped their price objective on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $220.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $206.33.

Institutional Trading of Credo Technology Group

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

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.