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

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Cheng sold 27,500 shares of the stock in a transaction dated Tuesday, October 27th. The stock was sold at an average price of $164.12, for a total value of $4,513,300.00. Following the completion of the sale, the chief technology officer directly owned 5,552,397 shares of the company’s stock, valued at approximately $911,259,395.64. This represents a 0.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 20th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $172.62, for a total transaction of $4,747,050.00.
• 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 transaction of $5,307,225.00.
• On Monday, October 12th, Chi Cheng sold 3,790 shares of Credo Technology Group stock. The shares were sold at an average price of $201.84, for a total transaction of $764,973.60.
• On Tuesday, October 6th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $221.48, for a total transaction of $6,090,700.00.
• On Tuesday, September 29th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $193.93, for a total transaction 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 stock was 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 shares were sold at an average price of $209.53, for a total value of $5,756,417.69.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded down $8.40 during trading hours on Thursday, hitting $165.29. The stock had a trading volume of 6,774,896 shares, compared to its average volume of 7,603,385. The company has a market capitalization of $31.07 billion, a P/E ratio of 58.82, a P/E/G ratio of 0.59 and a beta of 3.25. The firm’s 50-day moving average price is $191.39 and its two-hundred day moving average price is $180.79. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.03. The firm had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The company’s revenue for the quarter was up 114.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 earnings per share. As a group, analysts expect that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CRDO shares. Evercore set a $292.00 price target on shares of Credo Technology Group in a report on Wednesday, September 2nd. Barclays upped their price target on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 20th. TD Cowen raised their price objective on Credo Technology Group from $260.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, August 18th. Rosenblatt Securities reissued a “neutral” rating and set a $235.00 price objective on shares of Credo Technology Group in a report on Thursday, October 15th. Finally, JPMorgan Chase & Co. lowered their price objective on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $262.67.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Orion Capital Management LLC bought a new position in Credo Technology Group in the second quarter valued at approximately $27,000. Hoey Investments Inc. acquired a new position in shares of Credo Technology Group in the third quarter valued at approximately $31,000. AlphaCentric Advisors LLC bought a new stake in shares of Credo Technology Group during the first quarter worth $33,000. Burkett Financial Services LLC bought a new stake in shares of Credo Technology Group during the third quarter worth $33,000. Finally, Western Wealth Management LLC acquired a new stake in shares of Credo Technology Group during the first quarter worth $38,000. Institutional investors own 80.46% of the company’s stock.

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.