Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells $4,470,689.36 in Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the completion of the sale, the chief technology officer now owns 7,603,961 shares in the company, valued at $569,992,916.56. This trade represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Monday, June 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $72.53, for a total value of $3,989,150.00.
• On Friday, May 2nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $48.02, for a total value of $2,641,100.00.
• On Monday, April 28th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $42.95, for a total value of $2,362,250.00.
• On Tuesday, April 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $36.74, for a total value of $2,020,700.00.
• On Wednesday, April 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $37.29, for a total value of $2,050,950.00.
• On Thursday, April 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $38.78, for a total transaction of $2,132,900.00.
• On Friday, April 4th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $32.96, for a total transaction of $1,812,800.00.
• On Monday, March 24th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $49.77, for a total transaction of $2,737,350.00.
• On Monday, March 17th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00.

Credo Technology Group Stock Down 3.6%

Shares of NASDAQ:CRDO opened at $68.53 on Wednesday. The firm has a market capitalization of $11.64 billion, a PE ratio of -456.87 and a beta of 2.42. Credo Technology Group Holding Ltd has a twelve month low of $22.50 and a twelve month high of $86.69. The company has a 50-day moving average price of $51.42 and a two-hundred day moving average price of $58.79.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The firm had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. During the same quarter last year, the business earned $0.07 earnings per share. The company’s quarterly revenue was up 179.6% on a year-over-year basis. Analysts anticipate that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently modified their holdings of CRDO. Larson Financial Group LLC raised its stake in Credo Technology Group by 21.5% in the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company’s stock valued at $56,000 after purchasing an additional 245 shares in the last quarter. Operose Advisors LLC raised its stake in shares of Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after acquiring an additional 252 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock worth $75,000 after purchasing an additional 348 shares during the last quarter. Amalgamated Bank grew its holdings in shares of Credo Technology Group by 9.4% in the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after purchasing an additional 411 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in shares of Credo Technology Group by 1.2% in the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock worth $2,751,000 after purchasing an additional 501 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Mizuho dropped their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Thursday, April 3rd. Noble Financial raised shares of Credo Technology Group to a “strong-buy” rating in a research note on Tuesday, June 3rd. Barclays set a $85.00 target price on shares of Credo Technology Group and gave the company an “overweight” rating in a research report on Tuesday, June 3rd. Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Finally, Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $69.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, June 3rd. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $78.60.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.