Credo Technology Group (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 stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $143.94, for a total transaction of $7,916,700.00. Following the sale, the chief technology officer owned 6,558,961 shares in the company, valued at approximately $944,096,846.34. The trade was a 0.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Monday, December 8th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $174.70, for a total transaction of $9,608,500.00.
• On Monday, October 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $156.32, for a total value of $8,597,600.00.
• On Monday, October 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $150.34, for a total value of $8,268,700.00.
• On Monday, October 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $148.08, for a total value of $8,144,400.00.
• On Monday, October 6th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $148.35, for a total value of $8,159,250.00.
• On Monday, September 29th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $148.87, for a total value of $8,187,850.00.
• On Monday, September 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $164.98, for a total value of $9,073,900.00.

Credo Technology Group Stock Performance

CRDO opened at $134.13 on Thursday. The company’s 50-day simple moving average is $156.39 and its two-hundred day simple moving average is $128.82. The stock has a market capitalization of $24.23 billion, a P/E ratio of 117.66 and a beta of 2.63. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The company had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. During the same quarter in the prior year, the firm earned $0.07 earnings per share. The firm’s revenue for the quarter was up 272.1% compared to the same quarter last year. Research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CRDO. Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Mizuho raised their target price on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd. Roth Capital upped their price target on shares of Credo Technology Group from $170.00 to $250.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Bank of America increased their price objective on shares of Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Finally, New Street Research set a $240.00 target price on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of “Buy” and an average price target of $206.85.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. CTC Alternative Strategies Ltd. bought a new position in shares of Credo Technology Group in the third quarter worth approximately $776,000. Swiss Life Asset Management Ltd raised its position in shares of Credo Technology Group by 75.9% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 7,014 shares of the company’s stock valued at $1,021,000 after purchasing an additional 3,027 shares during the period. CIBC Private Wealth Group LLC lifted its stake in shares of Credo Technology Group by 14.8% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock valued at $125,000 after buying an additional 111 shares in the last quarter. CIBC Bancorp USA Inc. bought a new position in Credo Technology Group in the 3rd quarter worth $2,301,000. Finally, WBI Investments LLC purchased a new stake in Credo Technology Group in the 3rd quarter worth $451,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.