Credo Technology Group (NASDAQ:CRDO) CTO Sells $7,916,700.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $143.94, for a total transaction of $7,916,700.00. Following the sale, the chief technology officer owned 6,558,961 shares in the company, valued at $944,096,846.34. The trade was a 0.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Monday, December 8th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $174.70, for a total transaction of $9,608,500.00.
• On Monday, October 27th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $156.32, for a total transaction of $8,597,600.00.
• On Monday, October 20th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $150.34, for a total transaction of $8,268,700.00.
• On Monday, October 13th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $148.08, for a total transaction of $8,144,400.00.
• On Monday, October 6th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $148.35, for a total value of $8,159,250.00.
• On Monday, September 29th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $148.87, for a total value of $8,187,850.00.
• On Monday, September 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $164.98, for a total value of $9,073,900.00.

Credo Technology Group Price Performance

Shares of CRDO stock traded down $6.21 on Wednesday, hitting $134.13. 4,765,454 shares of the company’s stock were exchanged, compared to its average volume of 5,555,023. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $213.80. The stock has a market cap of $24.23 billion, a P/E ratio of 117.66 and a beta of 2.63. The company has a 50 day moving average of $156.68 and a 200 day moving average of $128.78.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The firm had revenue of $268.03 million for the quarter, compared to analysts’ expectations of $234.99 million. During the same quarter in the previous year, the business posted $0.07 earnings per share. The business’s revenue for the quarter was up 272.1% on a year-over-year basis. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Analysts Set New Price Targets

CRDO has been the subject of several research reports. KGI Securities raised shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective for the company in a research note on Tuesday, December 2nd. William Blair began coverage on shares of Credo Technology Group in a report on Thursday, September 18th. They set an “outperform” rating for the company. Stifel Nicolaus set a $160.00 price target on Credo Technology Group in a research note on Wednesday, October 1st. Roth Capital boosted their price objective on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Finally, Susquehanna upped their target price on Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a report on Wednesday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $206.85.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently made changes to their positions in CRDO. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Credo Technology Group during the 1st quarter valued at $25,000. Atlantic Union Bankshares Corp bought a new position in shares of Credo Technology Group during the third quarter valued at about $25,000. First Horizon Corp bought a new position in shares of Credo Technology Group during the 3rd quarter worth approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in Credo Technology Group in the second quarter worth $27,000. Finally, Virtus Advisers LLC purchased a new position in shares of Credo Technology Group in the 1st quarter worth about $31,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.