Credo Technology Group (NASDAQ:CRDO) CTO Sells $2,510,200.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $91.28, for a total transaction of $2,510,200.00. Following the sale, the chief technology officer directly owned 6,189,870 shares in the company, valued at approximately $565,011,333.60. The trade was a 0.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, March 24th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $100.67, for a total transaction of $2,768,425.00.
• 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 value 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 shares were 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 shares were 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 stock was sold at an average price of $143.61, for a total value of $4,308,300.00.

Credo Technology Group Price Performance

CRDO stock opened at $101.45 on Friday. Credo Technology Group Holding Ltd. has a twelve month low of $29.09 and a twelve month high of $213.80. The stock has a market capitalization of $18.71 billion, a price-to-earnings ratio of 56.36 and a beta of 2.72. The firm’s fifty day simple moving average is $113.21 and its two-hundred day simple moving average is $138.86.

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 the consensus estimate of $0.78 by $0.29. The firm 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 revenue was up 201.5% on a year-over-year basis. During the same quarter last year, the business earned $0.25 EPS. As a group, equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CRDO shares. Susquehanna decreased their price target on Credo Technology Group from $230.00 to $170.00 and set a “positive” rating for the company in a research note on Tuesday, March 3rd. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. The Goldman Sachs Group set a $165.00 target price on Credo Technology Group and gave the stock a “buy” rating in a research report on Thursday, February 19th. Barclays restated an “overweight” rating and issued a $260.00 price target on shares of Credo Technology Group in a report on Thursday, January 15th. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $200.00 price target on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus target price of $206.33.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Atlantic Union Bankshares Corp purchased a new position in Credo Technology Group during the 3rd quarter valued at about $25,000. Crewe Advisors LLC increased its holdings in Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after buying an additional 106 shares during the period. Reflection Asset Management bought a new position in Credo Technology Group in the fourth quarter worth approximately $25,000. Acumen Wealth Advisors LLC purchased a new stake in Credo Technology Group during the fourth quarter worth $25,000. Finally, First Horizon Corp bought a new stake in Credo Technology Group during the 3rd quarter valued at $26,000. 80.46% of the stock is currently owned by institutional investors.

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.