Credo Technology Group (NASDAQ:CRDO) CTO Sells $644,300.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Cheng sold 3,790 shares of the stock in a transaction on Friday, September 4th. The stock was sold at an average price of $170.00, for a total value of $644,300.00. Following the completion of the transaction, the chief technology officer owned 136,568 shares in the company, valued at approximately $23,216,560. This represents a 2.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

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

• 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 transaction 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.
• On Tuesday, July 21st, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $222.34, for a total transaction of $6,114,350.00.
• On Wednesday, July 8th, Chi Cheng sold 3,790 shares of Credo Technology Group stock. The shares were sold at an average price of $258.71, for a total transaction of $980,510.90.
• On Tuesday, July 7th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $243.06, for a total transaction of $6,684,150.00.
• On Tuesday, June 30th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $269.84, for a total transaction of $7,420,600.00.
• On Tuesday, June 23rd, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $270.94, for a total transaction of $7,450,850.00.
• On Tuesday, June 16th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $246.69, for a total transaction of $6,783,975.00.
• On Thursday, June 11th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $259.53, for a total value of $7,137,075.00.

Credo Technology Group Stock Performance

Shares of CRDO opened at $162.95 on Friday. The firm has a market capitalization of $30.63 billion, a P/E ratio of 57.99, a P/E/G ratio of 0.64 and a beta of 3.22. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67. The stock has a 50 day moving average price of $221.67 and a two-hundred day moving average price of $190.41.

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

Analyst Ratings Changes

A number of research firms have issued reports on CRDO. The Goldman Sachs Group reaffirmed a “buy” rating and set a $250.00 price objective on shares of Credo Technology Group in a report on Tuesday, June 2nd. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings lowered shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, September 4th. Rosenblatt Securities boosted their price target on shares of Credo Technology Group from $215.00 to $235.00 and gave the stock a “neutral” rating in a report on Wednesday, September 2nd. Finally, Roth Capital upped their price objective on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $267.39.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. City Center Advisors LLC raised its stake in shares of Credo Technology Group by 2.1% during the 2nd quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock worth $706,000 after purchasing an additional 53 shares during the period. Versant Capital Management Inc grew its position in Credo Technology Group by 8.0% during the second quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock valued at $205,000 after buying an additional 56 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in 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 buying an additional 77 shares during the last quarter. QRG Capital Management Inc. increased its holdings in Credo Technology Group by 1.7% during the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock worth $507,000 after buying an additional 91 shares during the last quarter. Finally, Bank of Nova Scotia increased its holdings in Credo Technology Group by 1.6% during the first quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock worth $566,000 after buying an additional 92 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.