Credo Technology Group (NASDAQ:CRDO) CTO Sells $4,089,900.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 30,000 shares of the company’s stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $136.33, for a total value of $4,089,900.00. Following the completion of the transaction, the chief technology officer owned 6,327,370 shares of the company’s stock, valued at $862,610,352.10. The trade was a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Thursday, January 15th, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The stock was sold at an average price of $155.47, for a total value of $4,664,100.00.
• On Thursday, January 8th, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The shares were sold at an average price of $139.93, for a total transaction of $4,197,900.00.
• On Friday, January 2nd, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The stock was sold at an average price of $143.61, for a total transaction of $4,308,300.00.
• On Monday, December 29th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $143.41, for a total transaction of $7,887,550.00.
• On Monday, December 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $150.77, for a total transaction of $8,292,350.00.
• On Monday, December 15th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $143.94, for a total transaction of $7,916,700.00.
• 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 value of $9,608,500.00.

Credo Technology Group Trading Up 0.1%

NASDAQ CRDO opened at $129.66 on Thursday. The stock has a 50-day moving average of $150.77 and a 200-day moving average of $141.46. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80. The firm has a market cap of $23.42 billion, a PE ratio of 113.74 and a beta of 2.66.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Savant Capital LLC grew its stake in Credo Technology Group by 0.7% in the third quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock worth $1,444,000 after purchasing an additional 68 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of Credo Technology Group by 16.2% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after buying an additional 77 shares during the period. Illinois Municipal Retirement Fund grew its position in shares of Credo Technology Group by 0.6% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock worth $2,298,000 after buying an additional 91 shares during the period. Versant Capital Management Inc increased its stake in shares of Credo Technology Group by 18.0% in the 3rd quarter. Versant Capital Management Inc now owns 663 shares of the company’s stock worth $97,000 after acquiring an additional 101 shares in the last quarter. Finally, Spirepoint Private Client LLC lifted its position in Credo Technology Group by 6.6% during the 4th quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company’s stock valued at $243,000 after acquiring an additional 105 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

CRDO has been the subject of several recent analyst reports. Rosenblatt Securities began coverage on shares of Credo Technology Group in a research note on Wednesday, January 21st. They set a “neutral” rating and a $170.00 price objective for the company. Wolfe Research set a $240.00 price target on Credo Technology Group in a research report on Tuesday, December 2nd. Roth Mkm lifted their price objective on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Bank of America upped their target price on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Finally, Mizuho raised their price target on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $216.54.

Credo Technology Group Company Profile

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.