Credo Technology Group (NASDAQ:CRDO) CTO Sells $9,608,500.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $174.70, for a total value of $9,608,500.00. Following the completion of the sale, the chief technology officer directly owned 6,613,961 shares of the company’s stock, valued at approximately $1,155,458,986.70. This represents a 0.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

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

• On Monday, October 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $156.32, for a total value of $8,597,600.00.
• On Monday, October 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $150.34, for a total transaction of $8,268,700.00.
• On Monday, October 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $148.08, for a total transaction of $8,144,400.00.
• On Monday, October 6th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $148.35, for a total transaction of $8,159,250.00.
• On Monday, September 29th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $148.87, for a total transaction of $8,187,850.00.
• On Monday, September 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $164.98, for a total transaction of $9,073,900.00.
• On Monday, September 15th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $163.98, for a total transaction of $9,018,900.00.

Credo Technology Group Trading Down 6.8%

NASDAQ CRDO opened at $143.91 on Friday. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80. The firm’s fifty day simple moving average is $156.73 and its 200-day simple moving average is $126.77. The company has a market capitalization of $25.99 billion, a PE ratio of 126.24 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The firm had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. The business’s quarterly revenue was up 272.1% compared to the same quarter last year. As a group, analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Institutional Trading of Credo Technology Group

Large investors have recently modified their holdings of the company. Savant Capital LLC increased its position in Credo Technology Group by 0.7% in the 3rd quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock valued at $1,444,000 after acquiring an additional 68 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Credo Technology Group by 16.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after purchasing an additional 77 shares in the last quarter. Illinois Municipal Retirement Fund grew its stake in shares of Credo Technology Group by 0.6% during the third quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock valued at $2,298,000 after purchasing an additional 91 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of Credo Technology Group by 18.0% during the third quarter. Versant Capital Management Inc now owns 663 shares of the company’s stock valued at $97,000 after purchasing an additional 101 shares during the last quarter. Finally, CIBC Private Wealth Group LLC increased its holdings in shares of Credo Technology Group by 14.8% in the third quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock valued at $125,000 after purchasing an additional 111 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

CRDO has been the topic of a number of research reports. Weiss Ratings restated a “hold (c+)” rating on shares of Credo Technology Group in a report on Monday. KGI Securities raised shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 target price for the company in a research report on Tuesday, December 2nd. JPMorgan Chase & Co. initiated coverage on shares of Credo Technology Group in a report on Friday, October 17th. They set an “overweight” rating and a $165.00 price target on the stock. Roth Capital lifted their price objective on shares of Credo Technology Group from $170.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Finally, Susquehanna upped their price objective on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a report on Wednesday, October 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $206.85.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.