Insider Selling: Credo Technology Group (NASDAQ:CRDO) CTO Sells $4,575,450.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $166.38, for a total transaction of $4,575,450.00. Following the completion of the transaction, the chief technology officer owned 5,717,397 shares of the company’s stock, valued at approximately $951,260,512.86. This trade represents a 0.48% decrease in their position. The transaction was disclosed in a legal filing 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 Friday, September 4th, Chi Cheng sold 3,790 shares of Credo Technology Group stock. The shares were 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 stock was sold at an average price of $209.53, for a total value of $5,756,417.69.
• On Monday, July 27th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $205.54, for a total value of $5,652,350.00.
• On Tuesday, July 21st, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $222.34, for a total value of $6,114,350.00.
• On Wednesday, July 8th, Chi Cheng sold 3,790 shares of Credo Technology Group stock. The shares were sold at an average price of $258.71, for a total value of $980,510.90.
• On Tuesday, July 7th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $243.06, for a total value of $6,684,150.00.
• On Tuesday, June 30th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $269.84, for a total value of $7,420,600.00.
• On Tuesday, June 23rd, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $270.94, for a total value of $7,450,850.00.

Credo Technology Group Stock Up 0.7%

Shares of NASDAQ CRDO opened at $193.87 on Thursday. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The firm’s 50-day simple moving average is $209.39 and its 200 day simple moving average is $194.25. The stock has a market cap of $36.44 billion, a P/E ratio of 68.99, a P/E/G ratio of 0.77 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. The firm had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. Credo Technology Group’s revenue was up 114.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.52 EPS. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently made changes to their positions in the business. Bank of America Corp DE raised its holdings in shares of Credo Technology Group by 13.7% in the 2nd quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock worth $593,603,000 after purchasing an additional 262,479 shares in the last quarter. Geode Capital Management LLC grew its position in Credo Technology Group by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after buying an additional 184,676 shares during the last quarter. Corient Private Wealth LLC grew its position in Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after buying an additional 3,597,318 shares during the last quarter. Atreides Management LP increased its holdings in shares of Credo Technology Group by 3.5% in the second quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock valued at $307,109,000 after buying an additional 38,052 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Credo Technology Group by 11.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,021,020 shares of the company’s stock valued at $290,805,000 after buying an additional 203,462 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on CRDO. Needham & Company LLC increased their price objective 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. Jefferies Financial Group boosted their target price on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. TD Cowen upped their target price on Credo Technology Group from $260.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, August 18th. Susquehanna increased their price target on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Finally, Evercore set a $292.00 price target on Credo Technology Group in a research report on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $264.89.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.