Insider Selling: Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Sells 55,000 Shares of Stock

Credo Technology Group Holding Ltd (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $21.31, for a total value of $1,172,050.00. Following the transaction, the chief technology officer now directly owns 9,938,602 shares in the company, valued at $211,791,608.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Thursday, March 21st, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.93, for a total value of $1,206,150.00.
• On Monday, March 11th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.93, for a total value of $1,151,150.00.
• On Tuesday, February 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.17, for a total value of $1,164,350.00.
• On Thursday, February 1st, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $20.43, for a total value of $1,225,800.00.
• On Monday, January 22nd, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $21.62, for a total value of $1,297,200.00.
• On Friday, January 12th, Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock. The shares were sold at an average price of $19.20, for a total value of $1,152,000.00.

Credo Technology Group Stock Performance

CRDO stock opened at $21.36 on Friday. The company has a market capitalization of $3.49 billion, a price-to-earnings ratio of -92.87 and a beta of 1.97. Credo Technology Group Holding Ltd has a fifty-two week low of $7.20 and a fifty-two week high of $23.90. The stock has a fifty day moving average of $21.49 and a 200-day moving average of $18.83.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Tuesday, February 27th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.03 by $0.01. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The business had revenue of $53.06 million during the quarter, compared to the consensus estimate of $51.91 million. During the same quarter last year, the company earned $0.02 EPS. The firm’s revenue was down 2.2% compared to the same quarter last year. Equities analysts predict that Credo Technology Group Holding Ltd will post -0.12 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. CloudAlpha Capital Management Limited Hong Kong bought a new position in Credo Technology Group in the 3rd quarter worth about $2,028,000. Vanguard Group Inc. raised its holdings in shares of Credo Technology Group by 31.3% in the 3rd quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock valued at $191,705,000 after acquiring an additional 2,993,303 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Credo Technology Group by 17.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after acquiring an additional 1,299,600 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of Credo Technology Group by 63.2% in the 3rd quarter. New York State Common Retirement Fund now owns 64,203 shares of the company’s stock valued at $979,000 after acquiring an additional 24,853 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Credo Technology Group by 20.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 846,359 shares of the company’s stock valued at $12,907,000 after acquiring an additional 144,438 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CRDO shares. TD Cowen raised their target price on Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a research report on Wednesday, February 28th. Needham & Company LLC raised their target price on Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. Mizuho reiterated a “buy” rating and set a $30.00 price target (up previously from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. Finally, The Goldman Sachs Group increased their price target on Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $23.00.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP.