Chi Fung Cheng Sells 27,500 Shares of Credo Technology Group (NASDAQ:CRDO) Stock

Key Points

• CTO Chi Fung Cheng sold 27,500 shares of Credo on May 1 at an average price of $178.99 for about $4.92M under a pre-arranged Rule 10b5-1 plan, leaving him with 6,024,870 shares (a 0.45% ownership decrease) valued at roughly $1.078B.
• The May 1 sale is one of many recent repeat transactions (multiple 27,500-share sales and smaller disposals from March through April), indicating ongoing programmed insider selling over the past two months.
• CRDO shares traded up ~7.5% to $193.57 after the company reported a strong quarter (EPS $1.07 vs. $0.78 est., revenue $407M, +201.5% YoY); analysts hold a consensus “Moderate Buy” with an average target near $207.71.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $178.99, for a total value of $4,922,225.00. Following the completion of the sale, the chief technology officer owned 6,024,870 shares of the company's stock, valued at $1,078,391,481.30. The trade was a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, April 27th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $179.33, for a total transaction of $4,931,575.00.
• On Wednesday, April 22nd, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $188.02, for a total transaction of $5,170,550.00.
• On Thursday, April 16th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $157.58, for a total transaction of $4,333,450.00.
• On Friday, April 10th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $118.25, for a total transaction of $3,251,875.00.
• On Monday, April 6th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $103.19, for a total transaction of $2,837,725.00.
• On Sunday, April 5th, Chi Fung Cheng sold 2,434 shares of Credo Technology Group stock. The shares were sold at an average price of $101.45, for a total transaction of $246,929.30.
• On Tuesday, March 31st, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $91.28, for a total transaction of $2,510,200.00.
• On Tuesday, March 24th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The stock was sold at an average price of $100.67, for a total value of $2,768,425.00.
• On Tuesday, March 17th, Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock. The shares were sold at an average price of $107.90, for a total value of $2,967,250.00.
• 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.

Credo Technology Group Trading Up 7.5%

Shares of CRDO traded up $13.51 during trading hours on Tuesday, hitting $193.57. The company had a trading volume of 6,080,549 shares, compared to its average volume of 7,132,054. The company has a market capitalization of $35.70 billion, a PE ratio of 107.54 and a beta of 3.17. Credo Technology Group Holding Ltd. has a one year low of $45.65 and a one year high of $213.80. The company's fifty day moving average price is $125.98 and its two-hundred day moving average price is $139.49.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. During the same quarter last year, the company earned $0.25 earnings per share. The firm's revenue for the quarter was up 201.5% compared to the same quarter last year. Analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on CRDO. Zacks Research downgraded Credo Technology Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. Stifel Nicolaus set a $200.00 price target on Credo Technology Group in a research note on Tuesday, March 3rd. Rosenblatt Securities raised their price target on Credo Technology Group from $125.00 to $175.00 and gave the stock a "neutral" rating in a report on Wednesday, April 15th. Rothschild & Co Redburn initiated coverage on Credo Technology Group in a research note on Friday. They set a "buy" rating and a $206.00 price target on the stock. Finally, Weiss Ratings downgraded shares of Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $207.71.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Crewe Advisors LLC grew its position in Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company's stock worth $25,000 after purchasing an additional 106 shares during the period. Reflection Asset Management acquired a new position in shares of Credo Technology Group in the 4th quarter valued at about $25,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Credo Technology Group in the third quarter worth about $25,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group in the fourth quarter worth about $25,000. Finally, First Horizon Corp acquired a new stake in Credo Technology Group during the third quarter worth about $26,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Company Profile

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.

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