Insider Selling: Credo Technology Group (NASDAQ:CRDO) CTO Sells $4,513,300.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Tuesday, October 27th. The shares were sold at an average price of $164.12, for a total transaction of $4,513,300.00. Following the completion of the transaction, the chief technology officer owned 5,552,397 shares in the company, valued at approximately $911,259,395.64. This represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 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, October 20th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $172.62, for a total transaction of $4,747,050.00.
• On Tuesday, October 13th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $192.99, for a total transaction of $5,307,225.00.
• On Monday, October 12th, Chi Cheng sold 3,790 shares of Credo Technology Group stock. The stock was sold at an average price of $201.84, for a total value of $764,973.60.
• On Tuesday, October 6th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $221.48, for a total value of $6,090,700.00.
• On Tuesday, September 29th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $193.93, for a total value of $5,333,075.00.
• On Wednesday, September 23rd, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $193.12, for a total value of $5,310,800.00.
• On Thursday, September 17th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $166.38, for a total value of $4,575,450.00.
• On Friday, September 4th, Chi Cheng sold 3,790 shares of Credo Technology Group stock. The stock was sold at an average price of $170.00, for a total value of $644,300.00.
• On Friday, July 31st, Chi Cheng sold 27,473 shares of Credo Technology Group stock. The shares were sold at an average price of $209.53, for a total value of $5,756,417.69.

Credo Technology Group Trading Down 8.7%

Shares of CRDO stock opened at $150.99 on Friday. The company has a market capitalization of $28.38 billion, a P/E ratio of 53.73, a price-to-earnings-growth ratio of 0.60 and a beta of 3.25. The business’s 50 day moving average is $188.40 and its two-hundred day moving average is $180.84. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The business had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $473.30 million. During the same quarter in the prior year, the business earned $0.52 earnings per share. The company’s quarterly revenue was up 114.7% compared to the same quarter last year. As a group, equities analysts predict that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CRDO has been the subject of a number of analyst reports. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Weiss Ratings downgraded shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, October 6th. Mizuho lowered their target price on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating on the stock in a report on Monday, September 21st. Evercore set a $292.00 price target on shares of Credo Technology Group in a report on Wednesday, September 2nd. Finally, Stifel Nicolaus reduced their price objective on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a research report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $262.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC lifted its holdings in Credo Technology Group by 2.6% in the third quarter. GAMMA Investing LLC now owns 1,986 shares of the company’s stock valued at $387,000 after acquiring an additional 51 shares during the period. City Center Advisors LLC boosted its position in shares of Credo Technology Group by 2.1% during the 2nd quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock worth $706,000 after purchasing an additional 53 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Credo Technology Group by 8.0% during the 2nd quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock worth $205,000 after purchasing an additional 56 shares during the period. Prentice Wealth Management LLC grew its stake in shares of Credo Technology Group by 7.5% during the 3rd quarter. Prentice Wealth Management LLC now owns 1,038 shares of the company’s stock worth $202,000 after purchasing an additional 72 shares during the period. Finally, TD Waterhouse Canada Inc. grew its stake in shares of Credo Technology Group by 28.1% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 337 shares of the company’s stock worth $71,000 after purchasing an additional 74 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.