Insider Selling: Credo Technology Group Holding Ltd. (NASDAQ:CRDO) CTO Sells 55,000 Shares of Stock

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

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 shares were 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 transaction of $4,332,350.00.
• On Monday, June 9th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $72.53, for a total transaction 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 transaction 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 transaction of $2,641,100.00.
• On Monday, April 28th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was sold at an average price of $42.95, for a total transaction 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 transaction of $2,020,700.00.
• On Wednesday, April 16th, Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock. The stock was 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 Performance

NASDAQ:CRDO traded up $1.23 on Friday, hitting $98.52. 3,228,056 shares of the stock were exchanged, compared to its average volume of 4,194,644. The stock has a market capitalization of $16.91 billion, a price-to-earnings ratio of 364.89, a P/E/G ratio of 1.75 and a beta of 2.57. Credo Technology Group Holding Ltd. has a 52 week low of $22.50 and a 52 week high of $100.15. The company's 50-day moving average price is $73.70 and its 200 day moving average price is $62.69.

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

Analyst Ratings Changes

A number of brokerages have issued reports on CRDO. 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. Barclays set a $85.00 price objective on Credo Technology Group and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Cowen reissued a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Finally, Needham & Company LLC lifted their price objective on Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a 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.com, Credo Technology Group has a consensus rating of "Buy" and an average price target of $82.45.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC grew its position in shares of Credo Technology Group by 850.6% during the 2nd quarter. Farther Finance Advisors LLC now owns 4,135 shares of the company's stock worth $383,000 after buying an additional 3,700 shares during the period. Silver Oak Securities Incorporated acquired a new position in shares of Credo Technology Group during the 2nd quarter worth about $1,212,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Credo Technology Group by 907.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 75,419 shares of the company's stock worth $7,060,000 after buying an additional 67,936 shares during the period. Pallas Capital Advisors LLC acquired a new position in shares of Credo Technology Group during the 2nd quarter worth about $335,000. Finally, Triumph Capital Management acquired a new position in shares of Credo Technology Group during the 2nd quarter worth about $733,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.