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 business’s stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $84.37, for a total value of $4,640,350.00. Following the sale, the chief technology officer now owns 7,438,961 shares of the company’s stock, valued at approximately $627,625,139.57. This represents a 0.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

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

• On Monday, June 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $78.77, for a total transaction of $4,332,350.00.
• On Monday, June 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $72.53, for a total transaction of $3,989,150.00.
• On Thursday, June 5th, Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock. The shares were sold at an average price of $74.96, for a total transaction of $4,470,689.36.
• 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 transaction 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.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $92.20 on Thursday. The company has a market cap of $15.66 billion, a P/E ratio of 341.48, a P/E/G ratio of 1.65 and a beta of 2.42. Credo Technology Group Holding Ltd. has a 1 year low of $22.50 and a 1 year high of $95.00. The stock’s fifty day moving average price is $61.11 and its two-hundred day moving average price is $60.71.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. The company’s quarterly revenue was up 179.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.07 EPS. On average, analysts expect 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 institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in shares of Credo Technology Group by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company’s stock worth $222,884,000 after purchasing an additional 138,686 shares during the last quarter. Swedbank AB grew its stake in Credo Technology Group by 29.5% in the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock worth $129,280,000 after buying an additional 733,811 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Credo Technology Group by 6.1% in the 1st quarter. Alliancebernstein L.P. now owns 1,846,387 shares of the company’s stock worth $74,151,000 after buying an additional 105,405 shares during the last quarter. Norges Bank purchased a new stake in shares of Credo Technology Group during the 4th quarter valued at $117,242,000. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Credo Technology Group by 49.5% during the 4th quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company’s stock worth $110,482,000 after acquiring an additional 543,940 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 commented on the stock. Susquehanna reissued a “positive” rating and set a $90.00 target price (up previously from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Needham & Company LLC lifted their price target on Credo Technology Group from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, June 3rd. Roth Capital set a $95.00 price objective on Credo Technology Group and gave the stock a “buy” rating in a research report on Friday, June 13th. Mizuho decreased their target price on 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. Finally, Noble Financial upgraded Credo Technology Group to a “strong-buy” rating in a research note on Tuesday, June 3rd. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $81.00.

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.