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

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $178.99, for a total transaction of $4,922,225.00. Following the sale, the chief technology officer directly owned 6,024,870 shares in the company, valued at $1,078,391,481.30. The trade was a 0.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 Monday, April 27th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $179.33, for a total transaction of $4,931,575.00.
• On Wednesday, April 22nd, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $188.02, for a total value of $5,170,550.00.
• On Thursday, April 16th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $157.58, for a total value of $4,333,450.00.
• On Friday, April 10th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $118.25, for a total value of $3,251,875.00.
• On Monday, April 6th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $103.19, for a total value of $2,837,725.00.
• On Sunday, April 5th, Chi Fung Cheng sold 2,434 shares of Credo Technology Group stock. The shares were sold at an average price of $101.45, for a total transaction of $246,929.30.
• On Tuesday, March 31st, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $91.28, for a total transaction of $2,510,200.00.
• 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 value 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 value of $2,967,250.00.
• On Wednesday, March 11th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO traded up $13.51 during trading on Tuesday, reaching $193.57. The stock had a trading volume of 6,080,549 shares, compared to its average volume of 7,132,054. Credo Technology Group Holding Ltd. has a 1-year low of $45.65 and a 1-year high of $213.80. The stock has a market cap of $35.70 billion, a PE ratio of 107.54 and a beta of 3.17. The business has a fifty day moving average price of $125.98 and a 200-day moving average price of $139.49.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same quarter in the prior year, the firm earned $0.25 EPS. Credo Technology Group’s quarterly revenue was up 201.5% on a year-over-year basis. Sell-side analysts expect that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on CRDO shares. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research report on Friday. They issued a “buy” rating and a $206.00 target price on the stock. Susquehanna reduced their price target on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research note on Tuesday, March 3rd. Needham & Company LLC restated a “buy” rating and issued a $220.00 price objective on shares of Credo Technology Group in a report on Wednesday, April 15th. Jefferies Financial Group started coverage on shares of Credo Technology Group in a research report on Monday, April 13th. They set a “buy” rating and a $175.00 price objective for the company. Finally, Weiss Ratings lowered Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $207.71.

Institutional Trading of Credo Technology Group

Hedge funds have recently modified their holdings of the stock. Atlantic Union Bankshares Corp purchased a new stake in Credo Technology Group during the 3rd quarter worth about $25,000. Crewe Advisors LLC boosted its stake in shares of Credo Technology Group by 163.1% in the 4th 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 acquired a new position in shares of Credo Technology Group during the fourth quarter worth about $25,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $25,000. Finally, First Horizon Corp purchased a new stake in shares of Credo Technology Group during the third quarter worth approximately $26,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.