Credo Technology Group (NASDAQ:CRDO) CTO Sells 30,000 Shares

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 30,000 shares of the stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $155.47, for a total transaction of $4,664,100.00. Following the completion of the transaction, the chief technology officer directly owned 6,357,370 shares of the company’s stock, valued at approximately $988,380,313.90. The trade was a 0.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• On Thursday, January 8th, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The shares were sold at an average price of $139.93, for a total value of $4,197,900.00.
• On Friday, January 2nd, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The stock was sold at an average price of $143.61, for a total transaction of $4,308,300.00.
• On Monday, December 29th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $143.41, for a total value of $7,887,550.00.
• On Monday, December 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $150.77, for a total value of $8,292,350.00.
• On Monday, December 15th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $143.94, for a total transaction of $7,916,700.00.
• 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 value of $8,597,600.00.

Credo Technology Group Stock Up 1.5%

NASDAQ:CRDO traded up $2.25 during mid-day trading on Tuesday, reaching $153.22. The company’s stock had a trading volume of 6,072,430 shares, compared to its average volume of 6,259,941. The stock has a fifty day moving average of $152.50 and a 200-day moving average of $139.81. Credo Technology Group Holding Ltd. has a 1 year low of $29.09 and a 1 year high of $213.80. The firm has a market capitalization of $27.68 billion, a PE ratio of 134.40 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. The company had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. Credo Technology Group’s revenue for the quarter was up 272.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.07 earnings per share. On average, analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of CRDO. Signaturefd LLC raised its position in shares of Credo Technology Group by 28.5% in the fourth quarter. Signaturefd LLC now owns 948 shares of the company’s stock worth $136,000 after acquiring an additional 210 shares during the period. Stratos Wealth Partners LTD. increased its stake in shares of Credo Technology Group by 1.8% in the 4th quarter. Stratos Wealth Partners LTD. now owns 77,852 shares of the company’s stock valued at $11,202,000 after purchasing an additional 1,389 shares in the last quarter. Sara Bay Financial raised its holdings in Credo Technology Group by 15.0% in the 4th quarter. Sara Bay Financial now owns 2,300 shares of the company’s stock worth $333,000 after purchasing an additional 300 shares during the period. Global Trust Asset Management LLC boosted its position in Credo Technology Group by 56.6% during the fourth quarter. Global Trust Asset Management LLC now owns 23,313 shares of the company’s stock worth $3,355,000 after purchasing an additional 8,430 shares in the last quarter. Finally, Crewe Advisors LLC grew its holdings in Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

CRDO has been the subject of several recent analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. Barclays reaffirmed an “overweight” rating and set a $260.00 price target on shares of Credo Technology Group in a research report on Thursday, January 15th. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. Wolfe Research set a $240.00 target price on Credo Technology Group in a research note on Tuesday, December 2nd. Finally, Wall Street Zen upgraded Credo Technology Group from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and a consensus target price of $220.42.

About Credo Technology Group

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.