Chi Fung Cheng Sells 55,000 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $22.13, for a total value of $1,217,150.00. Following the sale, the chief technology officer now directly owns 9,883,602 shares of the company’s stock, valued at $218,724,112.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Monday, April 1st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.31, for a total transaction of $1,172,050.00.
• On Thursday, March 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.93, for a total transaction of $1,206,150.00.
• On Monday, March 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $20.93, for a total value of $1,151,150.00.
• On Tuesday, February 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $21.17, for a total value of $1,164,350.00.
• On Thursday, February 1st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The stock was sold at an average price of $20.43, for a total value of $1,225,800.00.
• On Monday, January 22nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.62, for a total value of $1,297,200.00.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $19.38 on Wednesday. Credo Technology Group Holding Ltd has a twelve month low of $7.20 and a twelve month high of $23.90. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of -84.26 and a beta of 1.97. The stock’s 50 day simple moving average is $21.53 and its 200 day simple moving average is $19.16.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.01. The business had revenue of $53.06 million during the quarter, compared to analysts’ expectations of $51.91 million. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The firm’s revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.02 EPS. On average, analysts forecast that Credo Technology Group Holding Ltd will post -0.12 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on CRDO. Craig Hallum lifted their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday. TD Cowen lifted their price objective on shares of Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a research report on Wednesday, February 28th. Mizuho reissued a “buy” rating and set a $30.00 target price (up previously from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, February 28th. Finally, Needham & Company LLC upped their price target on shares of Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and an average target price of $24.25.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Verition Fund Management LLC raised its position in Credo Technology Group by 6.5% in the fourth quarter. Verition Fund Management LLC now owns 13,680 shares of the company’s stock worth $182,000 after purchasing an additional 836 shares in the last quarter. Assetmark Inc. lifted its position in shares of Credo Technology Group by 30.1% during the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock worth $106,000 after buying an additional 1,263 shares during the period. Advisors Asset Management Inc. boosted its stake in Credo Technology Group by 295.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock valued at $28,000 after buying an additional 1,376 shares in the last quarter. Rhumbline Advisers grew its position in Credo Technology Group by 1.1% in the third quarter. Rhumbline Advisers now owns 130,026 shares of the company’s stock valued at $1,983,000 after acquiring an additional 1,397 shares during the period. Finally, Amalgamated Bank raised its stake in Credo Technology Group by 9.7% during the fourth quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock worth $320,000 after acquiring an additional 1,454 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.