Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Chi Fung Cheng Sells 55,000 Shares

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $91.94, for a total value of $5,056,700.00. Following the completion of the sale, the chief technology officer directly owned 7,328,961 shares of the company's stock, valued at $673,824,674.34. This represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• On Monday, June 30th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $92.65, for a total transaction of $5,095,750.00.
• On Monday, June 23rd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $84.37, for a total transaction of $4,640,350.00.
• On Monday, June 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $78.77, for a total value of $4,332,350.00.
• On Monday, June 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $72.53, for a total value of $3,989,150.00.
• On Thursday, June 5th, Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock. The stock was sold at an average price of $74.96, for a total value of $4,470,689.36.
• On Friday, May 2nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $48.02, for a total value of $2,641,100.00.
• On Monday, April 28th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $42.95, for a total value of $2,362,250.00.
• On Tuesday, April 22nd, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $36.74, for a total value of $2,020,700.00.
• On Wednesday, April 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The shares were sold at an average price of $37.29, for a total transaction of $2,050,950.00.
• On Thursday, April 10th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $38.78, for a total transaction of $2,132,900.00.

Credo Technology Group Stock Up 1.5%

CRDO stock traded up $1.42 during midday trading on Wednesday, reaching $94.78. 2,011,804 shares of the company's stock traded hands, compared to its average volume of 4,143,006. The company has a 50-day simple moving average of $70.56 and a two-hundred day simple moving average of $62.06. Credo Technology Group Holding Ltd. has a 1-year low of $22.50 and a 1-year high of $99.29. The company has a market cap of $16.27 billion, a price-to-earnings ratio of 353.88, a PEG ratio of 1.66 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The company had revenue of $170.00 million for the quarter, compared to analysts' expectations of $159.59 million. During the same quarter in the prior year, the business earned $0.07 earnings per share. The business's revenue for the quarter was up 179.6% on a year-over-year basis. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CRDO. Stifel Nicolaus upped their target price on shares of Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Mizuho lifted their price objective on Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Barclays set a $85.00 target price on Credo Technology Group and gave the stock an "overweight" rating in a research report on Tuesday, June 3rd. Finally, Susquehanna reiterated a "positive" rating and issued a $90.00 price target (up from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Twelve analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $82.45.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Credo Technology Group during the fourth quarter worth approximately $117,242,000. Nuveen LLC acquired a new stake in shares of Credo Technology Group in the first quarter valued at approximately $52,636,000. Alliancebernstein L.P. raised its position in Credo Technology Group by 299.9% in the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after purchasing an additional 1,305,594 shares during the last quarter. Polar Capital Holdings Plc raised its position in Credo Technology Group by 382.1% in the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after purchasing an additional 1,150,084 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Credo Technology Group by 441.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock worth $65,594,000 after buying an additional 795,751 shares in the last quarter. Institutional investors own 80.46% of the company's stock.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.