Chi Fung Cheng Sells 55,000 Shares of Credo Technology Group (NASDAQ:CRDO) 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, December 29th. The stock was sold at an average price of $143.41, for a total value of $7,887,550.00. Following the transaction, the chief technology officer directly owned 6,448,961 shares of the company’s stock, valued at approximately $924,845,497.01. The trade was a 0.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

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

• 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.
• 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 stock was 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 shares were 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 stock was 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 shares were sold at an average price of $148.35, for a total transaction of $8,159,250.00.

Credo Technology Group Price Performance

CRDO stock traded up $0.22 during trading on Tuesday, hitting $144.92. The stock had a trading volume of 2,170,201 shares, compared to its average volume of 5,508,950. Credo Technology Group Holding Ltd. has a twelve month low of $29.09 and a twelve month high of $213.80. The company’s 50-day moving average price is $157.26 and its two-hundred day moving average price is $133.49. The stock has a market capitalization of $26.18 billion, a P/E ratio of 127.12 and a beta of 2.63.

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

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of recent research reports. JPMorgan Chase & Co. assumed coverage on shares of Credo Technology Group in a research report on Friday, October 17th. They issued an “overweight” rating and a $165.00 target price for the company. Wall Street Zen raised shares of Credo Technology Group from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. Needham & Company LLC increased their price objective on shares of Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. Finally, Barclays increased their target price on shares of Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $206.85.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp purchased a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $25,000. First Horizon Corp purchased a new position in Credo Technology Group during the 3rd quarter worth approximately $26,000. Smartleaf Asset Management LLC increased its position in Credo Technology Group by 133.6% during the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after buying an additional 147 shares during the period. Park Place Capital Corp purchased a new stake in Credo Technology Group in the third quarter valued at approximately $41,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in shares of Credo Technology Group in the second quarter valued at approximately $27,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.