Credo Technology Group (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 27,500 Shares of Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Cheng sold 27,500 shares of the stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $164.12, for a total value of $4,513,300.00. Following the completion of the transaction, the chief technology officer directly owned 5,552,397 shares of the company’s stock, valued at $911,259,395.64. This represents a 0.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 shares were sold at an average price of $172.62, for a total value 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 value of $5,307,225.00.
• On Monday, October 12th, Chi Cheng sold 3,790 shares of Credo Technology Group stock. The shares were 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 stock was sold at an average price of $193.12, for a total transaction 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 transaction 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 transaction 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 transaction of $5,756,417.69.

Credo Technology Group Price Performance

CRDO opened at $165.29 on Friday. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The stock has a market capitalization of $31.07 billion, a PE ratio of 58.68, a P/E/G ratio of 0.69 and a beta of 3.25. The firm’s fifty day moving average price is $190.00 and its 200 day moving average price is $180.87.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. The company 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%. The firm’s revenue for the quarter was up 114.7% compared to the same quarter last year. During the same period last year, the business earned $0.52 EPS. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CRDO has been the topic of several research analyst reports. JPMorgan Chase & Co. reduced their price target on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 2nd. Wall Street Zen lowered Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Mizuho cut their price objective on Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating on the stock in a research note on Monday, September 21st. Rosenblatt Securities reaffirmed a “neutral” rating and set a $235.00 target price on shares of Credo Technology Group in a report on Thursday, October 15th. Finally, Susquehanna lifted their target price on Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $262.67.

Institutional Trading of Credo Technology Group

Several institutional investors have recently added to or reduced their stakes in CRDO. Blue Bell Private Wealth Management LLC boosted its stake in Credo Technology Group by 25.4% in the third quarter. Blue Bell Private Wealth Management LLC now owns 1,056 shares of the company’s stock valued at $206,000 after acquiring an additional 214 shares during the period. Bank Julius Baer & Co. Ltd Zurich raised its position in shares of Credo Technology Group by 48.2% during the 3rd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 11,286 shares of the company’s stock worth $2,197,000 after purchasing an additional 3,673 shares during the period. Nippon Life Global Investors Americas Inc. acquired a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $388,000. Hoey Investments Inc. acquired a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $31,000. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in shares of Credo Technology Group by 7.6% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 383,367 shares of the company’s stock worth $74,676,000 after purchasing an additional 27,241 shares during the period. Institutional investors 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.