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

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $127.37, for a total transaction of $3,502,675.00. Following the sale, the chief technology officer owned 6,299,870 shares in the company, valued at $802,414,441.90. This represents a 0.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• 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 transaction 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 shares were sold at an average price of $143.41, for a total value of $7,887,550.00.
• On Monday, December 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $150.77, for a total transaction of $8,292,350.00.
• On Monday, December 15th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $143.94, for a total transaction of $7,916,700.00.
• On Monday, December 8th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $174.70, for a total value of $9,608,500.00.

Credo Technology Group Stock Down 4.2%

CRDO stock traded down $5.32 during midday trading on Monday, reaching $119.96. 5,444,885 shares of the company’s stock traded hands, compared to its average volume of 6,138,007. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80. The company has a market cap of $21.67 billion, a price-to-earnings ratio of 105.23 and a beta of 2.65. The company has a 50-day simple moving average of $150.50 and a two-hundred day simple moving average of $142.12.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. During the same quarter in the prior year, the firm earned $0.07 EPS. The company’s revenue was up 272.1% on a year-over-year basis. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. California Public Employees Retirement System increased its position in Credo Technology Group by 17.2% during the second quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock worth $23,848,000 after buying an additional 37,772 shares during the last quarter. Estate Counselors LLC acquired a new stake in shares of Credo Technology Group in the third quarter valued at approximately $2,548,000. Global Trust Asset Management LLC acquired a new position in shares of Credo Technology Group during the 3rd quarter worth approximately $2,167,000. EFG Asset Management North America Corp. raised its stake in Credo Technology Group by 76.5% in the 3rd quarter. EFG Asset Management North America Corp. now owns 21,976 shares of the company’s stock valued at $3,200,000 after acquiring an additional 9,527 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in Credo Technology Group by 34.6% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 28,400 shares of the company’s stock valued at $4,135,000 after purchasing an additional 7,300 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several research reports. Wolfe Research set a $240.00 target price on Credo Technology Group in a research note on Tuesday, December 2nd. Mizuho increased their price objective on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, December 2nd. JPMorgan Chase & Co. assumed coverage on Credo Technology Group in a report on Friday, October 17th. They set an “overweight” rating and a $165.00 target price on the stock. KGI Securities upgraded shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective for the company in a report on Tuesday, December 2nd. Finally, Barclays reaffirmed an “overweight” rating and issued a $260.00 target price on shares of Credo Technology Group in a research note on Thursday, January 15th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $216.54.

Credo Technology Group Company Profile

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.