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 company’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $17.31, for a total value of $952,050.00. Following the completion of the sale, the chief technology officer now owns 9,828,602 shares of the company’s stock, valued at $170,133,100.62. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Thursday, April 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $22.13, for a total value of $1,217,150.00.
• 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 value 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 value 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.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $17.78 on Thursday. The business’s 50-day moving average is $20.99 and its 200 day moving average is $19.23. Credo Technology Group Holding Ltd has a 1 year low of $7.20 and a 1 year high of $23.90. The firm has a market capitalization of $2.90 billion, a P/E ratio of -77.30 and a beta of 1.97.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. The company had revenue of $53.06 million for the quarter, compared to analyst estimates 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 quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.02 EPS. On average, analysts expect that Credo Technology Group Holding Ltd will post -0.12 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on CRDO. Needham & Company LLC upped their price objective on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Mizuho restated a “buy” rating and set a $30.00 price objective (up from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. Craig Hallum upped their price objective on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. TD Cowen upped their price objective on Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 28th. Finally, The Goldman Sachs Group upped their price objective on Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $24.25.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Assetmark Inc. increased its holdings in shares of Credo Technology Group by 30.1% in the fourth quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after purchasing an additional 1,263 shares during the period. Rhumbline Advisers increased its holdings in shares of 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 purchasing an additional 1,397 shares during the period. Amalgamated Bank increased its holdings in shares of Credo Technology Group by 9.7% in the fourth quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock valued at $320,000 after purchasing an additional 1,454 shares during the period. Strs Ohio increased its holdings in shares of Credo Technology Group by 12.7% in the fourth quarter. Strs Ohio now owns 26,700 shares of the company’s stock valued at $519,000 after purchasing an additional 3,000 shares during the period. Finally, Banque Cantonale Vaudoise acquired a new position in shares of Credo Technology Group in the first quarter valued at about $97,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

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.