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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, April 19th. The shares were 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 in the company, valued at $170,133,100.62. The transaction was disclosed in a document filed with the SEC, which is available through 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 shares were 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 shares were 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 shares were 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 shares were 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 shares were 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 shares were sold at an average price of $20.43, for a total value of $1,225,800.00.

Credo Technology Group Stock Up 1.6 %

Shares of Credo Technology Group stock opened at $17.59 on Wednesday. The stock has a market cap of $2.87 billion, a PE ratio of -76.48 and a beta of 1.97. The business has a fifty day simple moving average of $21.09 and a 200-day simple moving average of $19.24. Credo Technology Group Holding Ltd has a 12 month low of $7.20 and a 12 month high of $23.90.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Tuesday, February 27th. The company reported $0.04 EPS 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%. Credo Technology Group’s revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.02 earnings per share. Analysts expect that Credo Technology Group Holding Ltd will post -0.12 EPS for the current fiscal year.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Carnegie Capital Asset Management LLC raised its holdings in shares of Credo Technology Group by 19.4% during the fourth quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock worth $5,714,000 after acquiring an additional 47,650 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in shares of Credo Technology Group during the third quarter worth $2,028,000. Vanguard Group Inc. raised its holdings in shares of Credo Technology Group by 31.3% during the third quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock worth $191,705,000 after acquiring an additional 2,993,303 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Credo Technology Group by 17.7% during the third quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after buying an additional 1,299,600 shares in the last quarter. Finally, Moody Aldrich Partners LLC raised its holdings in Credo Technology Group by 67.8% during the fourth quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock valued at $3,947,000 after buying an additional 81,904 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on CRDO. Needham & Company LLC raised 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. Craig Hallum raised 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. The Goldman Sachs Group raised 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. TD Cowen raised 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, Mizuho reissued 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. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.25.

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.