Credo Technology Group (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 27,500 Shares

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $269.84, for a total transaction of $7,420,600.00. Following the sale, the chief technology officer owned 5,909,870 shares in the company, valued at $1,594,719,320.80. This represents a 0.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, June 23rd, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $270.94, for a total transaction of $7,450,850.00.
• On Tuesday, June 16th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $246.69, for a total transaction of $6,783,975.00.
• On Thursday, June 11th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $259.53, for a total transaction of $7,137,075.00.
• On Friday, May 1st, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $178.99, for a total transaction of $4,922,225.00.
• On Monday, April 27th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $179.33, for a total transaction of $4,931,575.00.
• On Wednesday, April 22nd, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $188.02, for a total transaction of $5,170,550.00.
• On Thursday, April 16th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $157.58, for a total transaction of $4,333,450.00.
• On Friday, April 10th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $118.25, for a total value of $3,251,875.00.
• On Monday, April 6th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $103.19, for a total value of $2,837,725.00.
• On Sunday, April 5th, Chi Fung Cheng sold 2,434 shares of Credo Technology Group stock. The shares were sold at an average price of $101.45, for a total value of $246,929.30.

Credo Technology Group Price Performance

Shares of CRDO traded down $17.18 during mid-day trading on Thursday, reaching $241.91. The company had a trading volume of 9,031,217 shares, compared to its average volume of 7,871,160. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67. The company’s 50-day moving average is $218.70 and its 200-day moving average is $159.18. The company has a market capitalization of $45.11 billion, a P/E ratio of 97.54, a P/E/G ratio of 1.24 and a beta of 3.19.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the previous year, the firm earned $0.20 EPS. Credo Technology Group’s quarterly revenue was up 157.0% on a year-over-year basis. As a group, equities analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a report on Monday, June 1st. TD Cowen boosted their price target on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. The Goldman Sachs Group reaffirmed a “buy” rating and set a $250.00 price objective on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Finally, Jefferies Financial Group raised their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $263.11.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Credo Technology Group by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock valued at $2,386,449,000 after buying an additional 59,849 shares during the period. State Street Corp boosted its stake in Credo Technology Group by 23.4% in the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after purchasing an additional 849,654 shares during the period. Geode Capital Management LLC increased its holdings in Credo Technology Group by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after purchasing an additional 184,676 shares in the last quarter. Corient Private Wealth LLC increased its holdings in Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after purchasing an additional 3,597,318 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares during the period. 80.46% of the stock is owned by institutional investors.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.