Credo Technology Group (NASDAQ:CRDO) CTO Sells $6,090,700.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $221.48, for a total value of $6,090,700.00. Following the sale, the chief technology officer directly owned 5,634,897 shares of the company’s stock, valued at approximately $1,248,016,987.56. This represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• 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 stock was 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 transaction of $5,756,417.69.
• On Monday, July 27th, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $205.54, for a total transaction of $5,652,350.00.
• On Tuesday, July 21st, Chi Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $222.34, for a total transaction of $6,114,350.00.

Credo Technology Group Price Performance

Shares of CRDO stock traded down $0.82 during mid-day trading on Wednesday, hitting $220.01. The stock had a trading volume of 7,283,486 shares, compared to its average volume of 7,533,394. The firm has a market cap of $41.35 billion, a PE ratio of 78.30, a PEG ratio of 0.85 and a beta of 3.25. The company’s 50-day simple moving average is $207.87 and its 200-day simple moving average is $200.19. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67.

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

Analysts Set New Price Targets

Several analysts have recently commented on the company. TD Cowen raised their price target on Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, August 18th. JPMorgan Chase & Co. cut their price objective on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a research report on Wednesday, September 2nd. Stifel Nicolaus reduced their target price on Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a report on Monday. Evercore set a $292.00 target price on shares of Credo Technology Group in a research report on Wednesday, September 2nd. Finally, Susquehanna upped their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. One equities 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $262.67.

Institutional Trading of Credo Technology Group

Several large investors have recently bought and sold shares of the company. California State Teachers Retirement System grew its stake in shares of Credo Technology Group by 2.2% during the 1st quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock valued at $22,612,000 after buying an additional 5,113 shares during the period. Corsair Capital Management L.P. purchased a new position in shares of Credo Technology Group in the 1st quarter worth $469,000. Lazard Asset Management LLC boosted its holdings in Credo Technology Group by 55.6% in the first quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock valued at $6,294,000 after acquiring an additional 23,949 shares during the last quarter. Quantinno Capital Management LP grew its position in Credo Technology Group by 68.4% during the first quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock valued at $3,203,000 after acquiring an additional 13,859 shares during the period. Finally, Estuary Capital Management LP grew its position in Credo Technology Group by 87.4% during the first quarter. Estuary Capital Management LP now owns 412,227 shares of the company’s stock valued at $38,696,000 after acquiring an additional 192,218 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. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.

The company’s product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.