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

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Cheng sold 27,500 shares of the stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $172.62, for a total value of $4,747,050.00. Following the sale, the chief technology officer owned 5,579,897 shares of the company’s stock, valued at $963,201,820.14. This trade represents a 0.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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, October 13th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $192.99, for a total value of $5,307,225.00.
• On Monday, October 12th, Chi Cheng sold 3,790 shares of Credo Technology Group stock. The stock was sold at an average price of $201.84, for a total value of $764,973.60.
• On Tuesday, October 6th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $221.48, for a total value of $6,090,700.00.
• On Tuesday, September 29th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $193.93, for a total value of $5,333,075.00.
• On Wednesday, September 23rd, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $193.12, for a total value of $5,310,800.00.
• On Thursday, September 17th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $166.38, for a total value of $4,575,450.00.
• On Friday, September 4th, Chi Cheng sold 3,790 shares of Credo Technology Group stock. The stock was sold at an average price of $170.00, for a total value of $644,300.00.
• On Friday, July 31st, Chi Cheng sold 27,473 shares of Credo Technology Group stock. The stock was sold at an average price of $209.53, for a total value of $5,756,417.69.
• On Monday, July 27th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $205.54, for a total transaction of $5,652,350.00.

Credo Technology Group Trading Down 10.7%

Shares of CRDO traded down $19.51 during midday trading on Thursday, hitting $162.77. The stock had a trading volume of 9,132,964 shares, compared to its average volume of 7,591,728. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The business has a 50-day simple moving average of $199.85 and a two-hundred day simple moving average of $207.31. The firm has a market cap of $30.59 billion, a P/E ratio of 57.93, a price-to-earnings-growth ratio of 0.68 and a beta of 3.25.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. The business had revenue of $479.00 million for the quarter, compared to the consensus estimate of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The firm’s quarterly revenue was up 114.7% compared to the same quarter last year. During the same period last year, the firm posted $0.52 earnings per share. On average, analysts expect that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System increased its position in Credo Technology Group by 2.2% in the 1st quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after buying an additional 5,113 shares during the period. Corsair Capital Management L.P. bought a new stake in shares of Credo Technology Group in the first quarter valued at approximately $469,000. Lazard Asset Management LLC grew its stake in shares of Credo Technology Group by 55.6% in the first quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock worth $6,294,000 after acquiring an additional 23,949 shares during the last quarter. Quantinno Capital Management LP grew its stake in shares of Credo Technology Group by 68.4% in the first quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock worth $3,203,000 after acquiring an additional 13,859 shares during the last quarter. Finally, Estuary Capital Management LP grew its stake in shares of Credo Technology Group by 87.4% in the first quarter. Estuary Capital Management LP now owns 412,227 shares of the company’s stock worth $38,696,000 after acquiring an additional 192,218 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CRDO. Weiss Ratings lowered Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, October 6th. Barclays raised their price objective on Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Stifel Nicolaus decreased their price objective on Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Bank of America dropped their target price on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a report on Wednesday, September 2nd. Finally, Evercore set a $292.00 target price on Credo Technology Group in a report on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and a consensus price target of $262.67.

Key Credo Technology Group News

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Credo’s triple-digit revenue growth, recent earnings beat and raised outlook continue to support the bullish case. Analysts cited in recent coverage believe the pullback has created significant upside, with the company benefiting from demand for high-speed connectivity products used in AI data centers. Credo Growth and Analyst Upside Article
• Positive Sentiment: Investor sentiment toward AI infrastructure has shown signs of recovery, helping drive a recent rebound in CRDO and other related technology stocks. Brown Advisory also highlighted Credo as a growth company benefiting from active stock selection opportunities amid market volatility. Credo AI Rebound Article
• Positive Sentiment: Credo’s planned optical cable, expected to ship in 2027, could provide a second growth engine. The product is designed to use about 30% less power than comparable copper cables, although the opportunity is not yet contributing revenue. Credo Optical Cable Article
• Neutral Sentiment: Valuation remains the key debate. With a high earnings multiple following a major multiyear rally, one analysis concluded the shares appear fairly priced based on currently achievable cash flows, while the consensus analyst target remains materially above recent levels. Credo Valuation Analysis
• Negative Sentiment: CEO William Brennan sold 16,666 shares worth approximately $2.9 million, reducing his direct stake by about 1.04%. The sale was made under a pre-arranged Rule 10b5-1 plan, limiting its bearish significance, but it may still weigh modestly on investor sentiment. Credo CEO SEC Filing

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.