Insider Selling: Credo Technology Group (NASDAQ:CRDO) CTO Sells $4,931,575.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction on Monday, April 27th. The stock was sold at an average price of $179.33, for a total value of $4,931,575.00. Following the completion of the transaction, the chief technology officer directly owned 6,052,370 shares of the company’s stock, valued at approximately $1,085,371,512.10. The trade was a 0.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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 Wednesday, April 22nd, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $188.02, for a total value of $5,170,550.00.
• On Thursday, April 16th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $157.58, for a total value of $4,333,450.00.
• On Friday, April 10th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $118.25, for a total value of $3,251,875.00.
• On Monday, April 6th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $103.19, for a total value of $2,837,725.00.
• On Sunday, April 5th, Chi Fung Cheng sold 2,434 shares of Credo Technology Group stock. The shares were sold at an average price of $101.45, for a total value of $246,929.30.
• On Tuesday, March 31st, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $91.28, for a total value of $2,510,200.00.
• On Tuesday, March 24th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $100.67, for a total value of $2,768,425.00.
• On Tuesday, March 17th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $107.90, for a total value of $2,967,250.00.
• On Wednesday, March 11th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00.
• On Thursday, January 29th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $127.37, for a total value of $3,502,675.00.

Credo Technology Group Stock Up 6.0%

Shares of CRDO stock opened at $184.38 on Friday. The stock has a 50-day simple moving average of $125.98 and a 200 day simple moving average of $139.49. Credo Technology Group Holding Ltd. has a fifty-two week low of $45.65 and a fifty-two week high of $213.80. The stock has a market capitalization of $34.01 billion, a P/E ratio of 102.43 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The business had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. During the same quarter last year, the business posted $0.25 earnings per share. The company’s quarterly revenue was up 201.5% on a year-over-year basis. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Craig Hallum reiterated a “buy” rating and issued a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Stifel Nicolaus set a $200.00 price target on Credo Technology Group in a research report on Tuesday, March 3rd. Rothschild & Co Redburn assumed coverage on Credo Technology Group in a research report on Friday. They issued a “buy” rating and a $206.00 price target for the company. Weiss Ratings lowered Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, April 24th. Finally, Jefferies Financial Group assumed coverage on Credo Technology Group in a research report on Monday, April 13th. They issued a “buy” rating and a $175.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and an average price target of $207.71.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. lifted its stake in Credo Technology Group by 9.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock worth $39,004,000 after acquiring an additional 23,332 shares in the last quarter. Optimize Financial Inc purchased a new stake in Credo Technology Group in the 3rd quarter worth about $1,431,000. Estate Counselors LLC purchased a new stake in Credo Technology Group in the 3rd quarter worth about $2,548,000. Global Trust Asset Management LLC purchased a new stake in Credo Technology Group in the 3rd quarter worth about $2,167,000. Finally, FengHe Fund Management Pte. Ltd. lifted its stake in Credo Technology Group by 5.7% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock worth $23,349,000 after acquiring an additional 8,769 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.