Credo Technology Group (NASDAQ:CRDO) CTO Sells $2,967,250.00 in Stock

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $107.90, for a total transaction of $2,967,250.00. Following the completion of the sale, the chief technology officer directly owned 6,244,870 shares in the company, valued at approximately $673,821,473. The trade was a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• 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.
• On Thursday, January 22nd, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The shares were sold at an average price of $136.33, for a total value of $4,089,900.00.
• On Thursday, January 15th, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The stock was sold at an average price of $155.47, for a total transaction of $4,664,100.00.
• 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 transaction of $4,197,900.00.
• On Friday, January 2nd, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The shares were 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 stock was sold at an average price of $143.41, for a total transaction 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 transaction of $8,292,350.00.

Credo Technology Group Trading Up 5.3%

CRDO traded up $5.35 on Thursday, reaching $107.07. The stock had a trading volume of 6,914,086 shares, compared to its average volume of 7,351,899. The business’s 50-day moving average price is $124.92 and its two-hundred day moving average price is $142.81. The company has a market cap of $19.75 billion, a P/E ratio of 59.48 and a beta of 2.67. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. During the same period in the prior year, the company posted $0.25 EPS. The company’s revenue for the quarter was up 201.5% on a year-over-year basis. As a group, analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CRDO shares. Craig Hallum reaffirmed a “buy” rating and set a $200.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Stifel Nicolaus set a $200.00 price target on shares of Credo Technology Group in a report on Tuesday, March 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research report on Monday, December 29th. Finally, Roth Mkm decreased their price objective on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $206.33.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently made changes to their positions in CRDO. NewEdge Advisors LLC increased its position in shares of Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after purchasing an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after purchasing an additional 7,107 shares during the last quarter. Creative Planning grew its holdings in shares of Credo Technology Group by 161.5% during the second quarter. Creative Planning now owns 73,091 shares of the company’s stock worth $6,767,000 after buying an additional 45,144 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of Credo Technology Group by 69.9% during the second quarter. SG Americas Securities LLC now owns 7,170 shares of the company’s stock worth $664,000 after buying an additional 2,950 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

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.