Chi Fung Cheng Sells 30,000 Shares of Credo Technology Group (NASDAQ:CRDO) Stock

Key Points

• Chi Fung Cheng, Credo's CTO, sold 30,000 shares on Jan. 22 at an average price of $136.33 for $4.09M and now owns 6,327,370 shares, a 0.47% reduction in his stake.
• Cheng has conducted repeated sales since Dec. 8, totaling 340,000 shares across eight transactions for roughly $51 million in proceeds, indicating significant insider selling over the past two months.
• Credo trades around $128 with a market cap of $23.12B and a P/E of 112.3 after a quarter of 272% revenue growth year-over-year, and analysts maintain a consensus "Buy" with an average target of $216.54.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 30,000 shares of the business's stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $136.33, for a total transaction of $4,089,900.00. Following the sale, the chief technology officer owned 6,327,370 shares of the company's stock, valued at $862,610,352.10. This trade represents a 0.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link.

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

• On Thursday, January 15th, Chi Fung Cheng sold 30,000 shares of Credo Technology Group stock. The shares were 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 stock was 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 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 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 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 value 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 value of $9,608,500.00.

Credo Technology Group Price Performance

Shares of CRDO stock traded down $5.14 during trading hours on Monday, reaching $128.02. The company had a trading volume of 4,880,345 shares, compared to its average volume of 6,316,565. The company has a market cap of $23.12 billion, a price-to-earnings ratio of 112.30 and a beta of 2.66. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $213.80. The business has a fifty day simple moving average of $151.57 and a 200-day simple moving average of $141.11.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating analysts' consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.Credo Technology Group's quarterly revenue was up 272.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.07 EPS. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on CRDO. Barclays reiterated an "overweight" rating and issued a $260.00 price objective on shares of Credo Technology Group in a research note on Thursday, January 15th. Roth Mkm lifted their price target on Credo Technology Group from $170.00 to $250.00 and gave the stock a "buy" rating in a report on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 price objective on Credo Technology Group in a research note on Wednesday, October 1st. TD Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Finally, Needham & Company LLC lifted their target price on Credo Technology Group from $190.00 to $220.00 and gave the stock a "buy" rating in a research note on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $216.54.

Institutional Trading of Credo Technology Group

Several hedge funds have recently made changes to their positions in CRDO. NewEdge Advisors LLC grew its stake in shares of Credo Technology Group by 128.4% during the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company's stock worth $284,000 after acquiring an additional 3,972 shares during the period. Goldman Sachs Group Inc. raised its stake 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 acquiring an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Credo Technology Group by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company's stock valued at $12,480,000 after purchasing an additional 7,107 shares during the last quarter. Farther Finance Advisors LLC boosted its position in Credo Technology Group by 850.6% during the second quarter. Farther Finance Advisors LLC now owns 4,135 shares of the company's stock worth $383,000 after purchasing an additional 3,700 shares during the period. Finally, Park Avenue Securities LLC bought a new position in Credo Technology Group during the second quarter worth about $258,000. 80.46% of the stock is currently owned by institutional investors.

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.

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